Generally Accepted Accounting Principles:
A)Focus on the review of a situation
B)Does not require financial statements
C)Never change
D)Intend to make information on the financial statements relevant,reliable and comparable
E)Oversees Security and Exchange Commission

Question

Quizplus · Accepted Answer

Generally Accepted Accounting Principles (GAAP) intend to make the financial statements relevant, reliable, and comparable. This is achieved through standardized methods and guidelines for recording and reporting financial information. GAAP is not focused on reviewing a situation, does require financial statements, can change, and is not overseen by the Security and Exchange Commission (SEC).