Standards related to information technology are not as well-developed or universally accepted as standards in some other audit areas. Financial statements that are fairly presented meet the following ____________: Generally accepted accounting principles are used Appropriate accounting principles are used Financial statements address matters that may affect their use or interpretation Financial statements classify and summarize information in a reasonable manner Financial statements reflect underlying transactions and events in a way that facilitates the presentation of the financial position, results of operation , and cash flows

Question

Quizplus · Accepted Answer

The correct choice is "Guidelines" because the statements describe the criteria or principles that financial statements should meet to be considered fairly presented, which aligns with the concept of guidelines.

Standards Related to Information Technology Are Not as Well-Developed or Universally