Question

The phrase accounting principles generally accepted in the United States of America can be found in the opinion paragraph of a standard unmodified opinion report.

a. True
b. False

Answer 1

The phrase 'accounting principles generally accepted in the United States of America' can be found in the opinion paragraph of a standard unmodified opinion report.

Step-by-step explanation:

The statement is true.

The phrase accounting principles generally accepted in the United States of America can be found in the opinion paragraph of a standard unmodified opinion report. This phrase refers to a set of guidelines and rules that are widely recognized and followed by accountants in the United States. These principles provide a framework for preparing financial statements and ensure consistency and comparability in financial reporting.

For example, the Generally Accepted Accounting Principles (GAAP) is a set of accounting principles that is widely accepted and followed in the United States. These principles include concepts like revenue recognition, matching principle, and materiality, among others.