The primary objective of GAAP is to provide accounting information that is
A)Comparability.
B)Timeliness.
C)Neutral.
D)Freedom from bias.
E)Usefulness for decision making.

Question

Quizplus · Accepted Answer

The primary objective of GAAP is to provide accounting information that is useful for decision making. While comparability, timeliness, neutrality, and freedom from bias are important considerations in financial reporting, the overarching goal of GAAP is to provide information that is relevant and useful for those making decisions based on the financial statements.

The Primary Objective of GAAP Is to Provide Accounting Information