Which of the following is not a potential objective of financial reporting?

Question

Quizplus · Accepted Answer

GAAP stands for Generally Accepted Accounting Principles and it is a set of standards and guidelines for financial reporting. GAAP is not an objective of financial reporting, but rather a framework that companies use to ensure their financial statements are in compliance with established standards. Stewardship, income smoothing, and contract compliance are all potential objectives of financial reporting.

Which of the Following Is Not a Potential Objective of Financial