7. Which of the following best describes generally accepted accounting principles?" A. The accounting principles have been formulated in the public sector. B. The accounting principles have been O developed on the basis of such factors as usage and practical necessity. C. The accounting principles are the same as laws. D. The accounting principles do not apply to SMES.

7. Which of the following best describes generally accepted accounting principles?" A. The accounting principles have been formulated in the public sector. B. The accounting principles have been O developed on the basis of such factors as usage and practical necessity. C. The accounting principles are the same as laws. D. The accounting principles do not apply to SMES.

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter1: Comprehensive Cases

Section1.2: Lehman Brothers Holdings, Inc.

Problem 2Q

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