A disclosed basis of accounting is acceptable if a company's financial statements are prepared solely for internal use.

Name: A disclosed basis of accounting is acceptable if a company's financial statements are prepared solely for internal use.
Brand: Quizplus
Rating: 4.9 (39 reviews)

Question

Quizplus · Accepted Answer

A disclosed basis of accounting can be acceptable for internal use. However, for external reporting to stakeholders and investors, generally accepted accounting principles (GAAP) must be followed.

A Disclosed Basis of Accounting Is Acceptable If a Company's