Generally accepted accounting practices (GAAP),provide for:

A) flexibility
B) a uniform set of rules
C) non discretion to the use of accounting methods
D) a clearer view of operating profit after tax

Question

Generally accepted accounting practices (GAAP),provide for:

A) flexibility
B) a uniform set of rules
C) non discretion to the use of accounting methods
D) a clearer view of operating profit after tax

Quizplus · Accepted Answer

GAAP provide for flexibility in the chosen accounting method,as the application of a uniform set of rules and procedures can present a distorted view of the company's performance and financial position.

Generally Accepted Accounting Practices (GAAP),provide For