Asked by Mercy Ikediuba on Apr 28, 2024
Verified
To provide reliable,consistent,and unbiased information to decision makers,accountants follow guidelines,or standards,known as
A) the accounting process.
B) the accounting system.
C) generally accepted accounting principles (GAAP) .
D) Financial Accounting Standards Board (FASB) .
GAAP
Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the U.S. to govern financial reporting and ensure consistency.
Accounting Standards
Rules and guidelines used in the preparation and presentation of financial statements to ensure accuracy, completeness, and consistency.
- Understand the fundamental concepts of accounting and the accounting equation.
Verified Answer
ZK
Zybrea KnightMay 03, 2024
Final Answer :
C
Explanation :
Generally Accepted Accounting Principles (GAAP) are the set of accounting standards and principles that provide the framework for preparing financial statements and reports, ensuring consistency, reliability, and comparability of financial information.
Learning Objectives
- Understand the fundamental concepts of accounting and the accounting equation.
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