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. A common set of accounting standards and procedures is called a. financial accounting standards. b....

. A common set of accounting standards and procedures is called a. financial accounting standards. b. generally accepted accounting principles. c. objectives of financial reporting. d. statements of financial accounting concepts.

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Answer #1

b. generally accepted accounting principles.

is correct.

Common Set of accounting standard and procedure is called generally accepted accounting principal.

gererally accepted means these principal/standard are accepted by everyone and fits for almost all type of business/industries/ territory. Procedure means the process adopted for recognisition, measurement & disclosure of financial statements. Also their aim to enhance clarity, consistency and comparability.

financial accounting standards - they are not common set, they are country specific

objectives of financial reporting - they are not accounting standards.

statements of financial accounting concept - they gives overview

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