What is GAAP and who oversees it? (Select all the choices that apply.) A. GAAP stands for Generally Accepted Accounting Principles. B. GAAP stands for Generally Accepted Accounting Policies. C. GAAP was established by the Financial Accounting Standards Board (FASB) and is the format required by the SEC when companies submit their quarterly and annual reports. D. GAAP regulations are enforced by the Internal Revenue Service.

Question

Business

Amelia Bass

29 August, 22:25

What is GAAP and who oversees it? (Select all the choices that apply.) A. GAAP stands for Generally Accepted Accounting Principles. B. GAAP stands for Generally Accepted Accounting Policies. C. GAAP was established by the Financial Accounting Standards Board (FASB) and is the format required by the SEC when companies submit their quarterly and annual reports. D. GAAP regulations are enforced by the Internal Revenue Service.

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Answers (1)

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Gerardo Dillon · Answer 1

The answers are,

A. GAAP stands for Generally Accepted Accounting Principles

C. GAAP was established by the Financial Accounting Standards Board (FASB) and is the format required by the SEC when companies submit their quarterly and annual reports.

Explanation:

GAAP is generally accepted accounting principles and they are the accounting and financial reporting procedures that the companies in USA adapt.

A company is not obliged to adapt these standards but if a company is going public and enlist in the stock market, they must submit their reports according to GAAP to SEC.