The purpose of generally accepted accounting principles (GAAP) is to ensure that financial statements are relevant, reliable, consistent, and comparable.

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The purpose of GAAP is indeed to ensure that financial statements are relevant, reliable, consistent, and comparable. This helps ensure that investors, lenders, and other users of financial information can make informed decisions based on accurate and consistent financial data.

The Purpose of Generally Accepted Accounting Principles (GAAP) Is to Ensure