Income statement accounts must be accounted for in accordance with GAAP.

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Income statement accounts are required to be prepared in accordance with GAAP (Generally Accepted Accounting Principles) to ensure consistency and comparability of financial information across different companies. GAAP provides rules and guidelines for financial reporting, including the proper classification, recognition, measurement, and disclosure of income statement items. Adhering to GAAP helps ensure that financial statements fairly represent a company's financial performance and position.

Income Statement Accounts Must Be Accounted for in Accordance with GAAP