Which of the following can be affected by GAAP?
A) Legal ability to issue bonds.
B) Ability to balance the budget.
C) Amount reported as employee pension plan contributions.
D) Claims and judgments settled.

Question

Which of the following can be affected by GAAP? 
A) Legal ability to issue bonds.
B) Ability to balance the budget.
C) Amount reported as employee pension plan contributions.
D) Claims and judgments settled.

Quizplus · Accepted Answer

GAAP (Generally Accepted Accounting Principles) affects how financial transactions and balances are reported, including the reporting of employee pension plan contributions. It does not directly affect legal abilities, budget balancing, or the settlement of claims and judgments.

Which of the Following Can Be Affected by GAAP