Principles-based GAAP is sometimes criticized for being
A) too inflexible.
B) too flexible.
C) too inconsistent.
D) too difficult for the reader to understand.

Question

Quizplus · Accepted Answer

Principles-based GAAP is criticized for being too flexible because it relies on broad guidelines and principles, rather than specific rules and regulations. This can lead to varying interpretations and inconsistent application of accounting standards.

Principles-Based GAAP Is Sometimes Criticized for Being