Which of the following is not an objective of generally accepted accounting principles?
A)To minimize the amount of income taxes owed.
B)To ensure that both preparers and users of financial statements understand the concepts and assumptions used in presenting information within these statements.
C)To enhance the relevance and verifiability of information contained in financial statements.
D)To increase the comparability of financial statements prepared by different companies.

Question

Quizplus · Accepted Answer

Minimizing the amount of income taxes owed is not an objective of generally accepted accounting principles. The objective of accounting principles is to provide relevant, reliable, comparable, and understandable financial information to various users for decision-making purposes. While tax implications may factor into accounting decisions, minimizing taxes owed is not a primary objective.

Which of the Following Is Not an Objective of Generally