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1. Generally Accepted Accounting Principles are a set of accounting ......... approved by the professional accounting industry.
2. GAAP are a combination of ......... rules set by policy boards and the commonly accepted ways of recording and reporting financial information.
3. They can become accepted either as a result of due ......... or as a result of long term practice.
4. In 1938, Congress permitted companies to use a new ......... method, LIFO, for income tax purposes.
B. Credit Card Companies
C. Retail shops
D. None of the above
5. In 1939, the AIA recommended the phrasing, "present fairly in conformity with generally accepted accounting principles" in the standard form of the ......... report.
Answers: 1 (A), 2 (A), 3 (D), 4 (C), 5 (A)
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