________ are standards for the preparation and presentation of financial statements.
A) ISO 1:2002
B) General technical delivery conditions
C) Generally accepted accounting principles
D) Generally accepted auditing standards

Question

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) are the standards for the preparation and presentation of financial statements in the United States. It includes a set of rules, guidelines, and best practices for financial reporting to ensure consistency and comparability of financial statements across different entities. ISO 1:2002 and general technical delivery conditions are not related to financial statements, and generally accepted auditing standards (GAAS) are related to audit procedures rather than financial statement preparation.

________ Are Standards for the Preparation and Presentation of Financial