Generally accepted guidelines formulated by FASB for the preparation of financial statements are called what? Group of answer choices general economic guidelines (GEG) general financial statement principles (GFSP) generally accepted economic guidelines (GAEG) generally accepted accounting principles (GAAP)

Accounting policies, methods, and estimates used in preparing fi nancial statements aremost likely found in the:B . management commentary.

Statements of Financial Accounting Concepts issued by the FASBa. Represent GAAP.b. Have been superseded by SFASs.c. Are subject to approval of the SEC.d. Identify the conceptual framework within which accounting standards are developed.

These are used by the FASB, and it is a set of concepts that guide financial reporting.