Two of the goals underlying GAAP are to ensure that the statements prepared in financial accounting are relevant and consistent.

Question

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One of the primary goals of GAAP (Generally Accepted Accounting Principles) is to ensure that financial statements are relevant to their intended users and provide useful information for decision-making. Additionally, consistency is important to ensure that financial statements can be compared over time or between different companies using the same accounting principles. Therefore, both relevance and consistency are important goals of GAAP.

Two of the Goals Underlying GAAP Are to Ensure That