To provide reliable, consistent, and unbiased information to decision makers, accountants follow guidelines, or standards, known as ____________________________.

Question

Quizplus · Accepted Answer

Generally Accepted Accounting Principles (GAAP) serve as the standard framework for financial accounting in the United States. It provides guidance on how financial statements should be prepared and presented, ensuring consistency and transparency in financial reporting. The Accounting Standards Board (AcSB) is a Canadian independent organization responsible for establishing and improving accounting standards for Canadian businesses. Business transactions and financial statements are fundamental components of accounting but do not encompass the guidelines and standards needed for reliable financial reporting.

To Provide Reliable, Consistent, and Unbiased Information to Decision Makers