The scrupulous application of GAAP ensures both consistency in comparing one firm's financial
performance with another and the accuracy of the data.

Name: The scrupulous application of GAAP ensures both consistency in comparing one firm's financial performance with another and the accuracy of the data.
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Question

Quizplus · Accepted Answer

GAAP ensures consistency and comparability, but it does not guarantee absolute accuracy, as it relies on estimates and judgments.

The Scrupulous Application of GAAP Ensures Both Consistency in Comparing