... standard before it becomes enforceable A common set of accounting standards and procedures are called a.financial accounting standards b.generally accepted accounting principles c.objectives of ... when the Financial Accounting Standards Board was created The major distinction between the Financial Accounting Standards Board (FASB) and its predecessor, the Accounting Principles Board (APB), ... generally accepted accounting principles General-purpose financial statements are the product of a.financial accounting b.managerial accounting c.both financial and managerial accounting d.neither...