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Lelu [443]
3 years ago
7

Which of the following is not true of generally accepted accounting principles?

Business
1 answer:
andrey2020 [161]3 years ago
8 0

Answer:

(A) GAAP does not have substantial authoritative support.

Explanation:

Choices B to C are true about GAAP.

Now, Choice A is not true since  GAAP also includes detailed procedures and practices that provide a <u>standard</u> and not only broad guidelines of general application and this will imply that GAAP has a <u>substantial authoritative support.</u>

<u></u>

Also it is called "Generally Accepted Accounting Principles" for this reason.

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