The reporting standard for external financial reports is
A) industry-specific.
B) company-specific.
C) generally accepted accounting principles.
D) department-specific.

Question

Quizplus · Accepted Answer

The generally accepted accounting principles (GAAP) provide the standard for external financial reporting in the United States. These principles provide a standardized format and guidelines for reporting financial information that ensures consistency and transparency for investors, regulators, and other stakeholders. Industry-specific or company-specific standards may vary and are not as widely recognized or accepted as GAAP. Department-specific reporting is typically used for internal management reporting and is not generally applicable to external financial reporting.

The Reporting Standard for External Financial Reports Is