78. Generally accepted accounting principles refer to any generally recognized consensus or substantial authoritative support regarding any of the below EXCEPT:
A. Which financial statements should be prepared.
B. What information should be disclosed and how it should be disclosed.
C. Which changes in assets and liabilities should not be recorded.
D. Which economic resources and obligations should be recorded as assets and liabilities.
E. How the assets and liabilities and changes in them should be measured.
[bg_collapse view=”button-green” color=”#4a4949″ icon=”arrow” expand_text=”Show Answer and Citation” collapse_text=”Hide Answer and Citation” ]
The Answer is: C
Citation: 19CFR152. 102 Definitions
[/bg_collapse]