Which of the following accounting principles does theSecurities and Exchange Commission (SEC) require U.S. firms to use when filing their financial statements?
A. International Accounting Standards Board (IASB)
B. International Financial Reporting Standards (IFRS)
C. Generally Accepted Accounting Principles (GAAP)
D. National Advisory Accounting Standards (NAAS)
E. Financial Accounting Standards Principles (FASP)
Answer: C
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