Question

Unlike Generally Accepted Accounting Principles (GAAP) for accountants, there are not principles, standards, concepts, or values common to business ethics.A. TrueB. False

Answer 1

Answer:

Unlike Generally Accepted Accounting Principles (GAAP) for accountants, there are not principles, standards, concepts, or values common to business ethics is a FALSE statement.

Explanation:

• The GAAP has a wide range of applications owing to the unanimous addition of functions to the discipline of accountancy.
• Other than GAAP, certain countries and businesses follow the accounting methods given by 'other comprehensive basis of accounting' (OSBOA).
• Some businesses choose to follow both at once, while the majority choose to follow either of them.