What is the name of the standards that accountants must follow to ensure the financial statements they prepare are relevant, reliable, consistent, and comparable?
A) General Accounting Rules and Regulations
B) Generally Accepted Accounting Principles
C) U.S. Accounting Standards
D) Global Accounting Standards
E) Standard Operating Procedures for Accounting

Question

Quizplus · Accepted Answer

Generally Accepted Accounting Principles (GAAP) are the set of accounting standards and principles that accountants must follow to ensure the financial statements they prepare are relevant, reliable, consistent, and comparable.

What Is the Name of the Standards That Accountants Must