Standards for the preparation and presentation of financial statements are known as ________.
A) engagements and agreements
B) auditor's opinions
C) generally accepted accounting principles
D) generally accepted auditing standards

Question

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) are a set of guidelines and standards for the preparation and presentation of financial statements. Engagements and agreements and auditor's opinions are related to the evaluation of financial statements, while generally accepted auditing standards are related to the conduct of audits.

Standards for the Preparation and Presentation of Financial Statements Are