The review of financial statements to assess their fairness and adherence to GAAP is
A)compliance.
B)preparation.
C)auditing.
D)accounting.

Question

Quizplus · Accepted Answer

Auditing involves reviewing financial statements to provide an opinion on their fairness and adherence to GAAP, while compliance involves ensuring that an organization is adhering to laws and regulations. Preparation involves compiling financial statements, and accounting involves the recording and reporting of financial transactions.

The Review of Financial Statements to Assess Their Fairness and Adherence