Preparing financial statements in accordance with GAAP is an example of
A)integrity.
B)competence.
C)credibility.
D)objectivity.

Question

Quizplus · Accepted Answer

Preparing financial statements in accordance with GAAP requires a high level of competence and knowledge of accounting principles. It is important to have a thorough understanding of GAAP in order to ensure accurate financial reporting. While integrity, credibility, and objectivity are also important principles in accounting, preparing financial statements in accordance with GAAP specifically emphasizes the need for competence.

Preparing Financial Statements in Accordance with GAAP Is an Example