Question

4.General rules that are used as 1 point
a guide in accounting and as a
basis of accounting practices
are called
1) Generally Accepted Accounting
Practices
2) Basic Accounting Conventions

3) Accounting and Financing
Principles
4) Accounting Principles​

Answer 1

Explanation:

4)Accounting Principles is the correct option

Answer 2

GENERALLY ACCEPTED ACCOUNTING PRACTICES

General rules that are used as a guide in accounting and as a basis of accounting practices are called generally accepted accounting practices.

GETTING TO KNOW MORE ABOUT GENERALLY ACCEPTED ACCOUNTING PRACTICES:

* The Financial Accounting Rules Board (FASB) has produced a group of accounting principles, standards, and processes referred to as normally frequent accounting principles (GAAP) (FASB).

*  When public companies withinside the United States create their monetary accounts, their accountants need to adhere to GAAP.

* GAAP is a group of authoritative rules (mounted via way of means of coverage bodies) and extensively acknowledged techniques for recording and reporting monetary data. The purpose of GAAP is to boom the clarity, uniformity, and comparison of monetary records communication.

* Pro forma accounting is a non-GAAP monetary reporting technique that can be contrasted with GAAP accounting. International Financial Reporting Standards are the global counterpart of GAAP withinside the United States (IFRS). The International Financial Reporting Standards (IFRS) at the moment are utilised in 166 nations.