indicate whether each statement is true or false. (a) gaap is a set of rules and practices established by…

indicate whether each statement is true or false. (a) gaap is a set of rules and practices established by accounting standard - setting bodies to serve as a general guide for financial reporting purposes. (b) the primary standard - setting body in the united states is the irs.

indicate whether each statement is true or false. (a) gaap is a set of rules and practices established by accounting standard - setting bodies to serve as a general guide for financial reporting purposes. (b) the primary standard - setting body in the united states is the irs.

Answer

Brief Explanations:

(a) GAAP (Generally - Accepted Accounting Principles) are indeed rules and practices for financial reporting set by accounting standard - setting bodies. (b) The primary standard - setting body in the US is the Financial Accounting Standards Board (FASB), not the IRS (Internal Revenue Service) which is mainly for tax - related matters.

Answer:

(a) True (b) False