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

Question

Quizplus · Accepted Answer

Deviations from generally accepted accounting principles (GAAP) are permissible if the amount involved is immaterial, as such deviations would not significantly affect the financial statements or users' decisions.

A Deviation from Generally Accepted Accounting Principles Is