Generally Accepted accounting principles can be applied to the financial statements in which of the following ________.

Sole proprietor

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Partnership firm

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Corporate body

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All the three

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Solution

The correct option is D All the three
Accounting is based on the certain principles which are known as Generally Accepted Accounting Principles. These are applicable to all kind of ownership.

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Similar questions

Which of the following statement is true?

Statement A: Financial statements are prepared on the basis of accounting principles.

Statement B: Any changes in the accounting principles or method will affect the utility of the financial statements.

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