Financial statements follow
A)rigid guidelines that require specific adherence to regulated procedures.
B)generally accepted guidelines that allow management to choose among different procedures.
C)general guidelines with little choice among different procedures.
D)legal requirements for uniform presentation and disclosure.

Question

Quizplus · Accepted Answer

Financial statements follow generally accepted guidelines that allow management some flexibility in choosing among different procedures, as long as these choices are consistent with the principles of accounting and are disclosed in the financial statements. This flexibility is necessary to accurately reflect the financial position and performance of a diverse range of businesses.

Financial Statements Follow