A deviation from generally accepted accounting principles is
A) permissible if the amount involved is material.
B) permissible if the amount involved is immaterial.
C) never allowed.
D) permissible only if its required in order to conform to the monetary unit assumption.

Question

Quizplus · Accepted Answer

Deviation from generally accepted accounting principles may be permissible if the amount involved is immaterial, meaning it does not affect the accuracy and fairness of the financial statements. However, if the amount involved is material, deviation from accounting principles is not acceptable and could lead to misleading financial statements.

A Deviation from Generally Accepted Accounting Principles Is