In maintaining and reporting its financial status,every corporation must conform to ________.
A) corporate rules
B) the FDA
C) GAAP
D) AACSP

Question

Quizplus · Accepted Answer

GAAP stands for Generally Accepted Accounting Principles. It is a set of rules, procedures and conventions that companies must follow when reporting financial statements. GAAP is adopted by the Financial Accounting Standards Board (FASB) and is the most widely used financial reporting standard in the US. It provides uniformity and consistency in financial reporting, making it easier for investors, analysts and other users of financial statements to compare the financial performance of different companies.

In Maintaining and Reporting Its Financial Status,every Corporation Must Conform