The set of rules that a U.S. company must follow when preparing ...

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The set of rules that a U.S. company must follow when preparing its financial statements is called ________.
 
  A) AICPA
  B) FASB
  C) GAAP
  D) SOX

Question 2

When companies use a perpetual inventory system, the recording of the purchase of inventory will include a debit to Purchases.
 a. True
  b. False
 
   Indicate whether the statement is true or false

[ms_sulzle]

Answer to Question 1

C

Answer to Question 2

False

[bb]

Thanks for the timely response, appreciate it

[amit]

TYSM