Asked by Jalah Coleman on Jul 25, 2024
Verified
General principles are the basic assumptions,concepts,and guidelines for preparing financial statements.GAAP aims to make information relevant and representationally faithful.
General Principles
Broad and fundamental guidelines or rules that form the basis for a field of study or profession.
GAAP
Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting used in any given jurisdiction, notably in the United States.
- Understand the fundamental concepts and principles that form the basis of financial reporting standards.
Verified Answer
AP
Akash PolakampalliJul 28, 2024
Final Answer :
True
Explanation :
General principles provide the basic framework for financial reporting, and GAAP aims to provide information that is relevant and representationally faithful.
Learning Objectives
- Understand the fundamental concepts and principles that form the basis of financial reporting standards.
Related questions
The Business Entity Assumption Means That a Business Is Accounted ...
The Balance Sheet Shows a Company's Net Income or Loss ...
The Group That Sets International Preferred Accounting Practices Is Called ...
Financial Reports Are Said to Be Verifiable When ...
Any Twelve-Month Accounting Period Adopted by a Company Is Known ...