Question

Which of the following accounting principles does the Securities and Exchange Commission (SEC) require U.S. firms...

Which of the following accounting principles does the Securities and Exchange Commission (SEC) require U.S. firms to use when filing their financial statements?

- International Accounting Standards Board (IASB)

- International Financial Reporting Standards (IFRS)

- Generally Accepted Accounting Principles (GAAP)

- National Advisory Accounting Standards (NAAS)

- Financial Accounting Standards Principles (FASP)

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Answer #1

The answer to the question is :-

Generally Accepted Accounting Principles (GAAP).

GAAP rules are the generally accepted accounting principles and practices required by S.E.C to ise when filing their financial statements. GAAP ensures transparent finacial reporting from one company to another.

Other options are incorrect because its a guideline and not a concept

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