To ensure accuracy and consistency in the way financial information is reported, accountants have historically followed which of the following rules?
A) generally accepted accounting principles
B) comparable accounting standards
C) accounting rules and principles
D) principled accounting procedures

Question

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) are a set of accounting rules and standards that are widely recognized and used by accountants to ensure consistency and accuracy in financial reporting. GAAP provides guidelines for how transactions should be recorded, classified, and presented in financial statements. These principles help to ensure that financial information is reliable, relevant, and comparable.

To Ensure Accuracy and Consistency in the Way Financial Information