A firm's financial statements should not be adjusted because they conform with generally accepted accounting principles.

Question

Quizplus · Accepted Answer

Financial statements may need to be adjusted in certain circumstances, such as errors or omissions in the original statements, changes in accounting standards or policies, or the discovery of fraud or misrepresentation. It is important to ensure that the financial statements accurately reflect the financial position and performance of the firm.

A Firm's Financial Statements Should Not Be Adjusted Because They