Author Question: The set of rules that a U.S. company must follow when preparing its financial statements is called ... (Read 105 times)

bb · **on:** Jul 5, 2018

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