Financial statements are prepared following a(an)
A)Applicable financial reporting framework.
B)Appropriate subject matter.
C)Generally accepted auditing standards.
D)Set of quality control standards.

Question

Quizplus · Accepted Answer

Financial statements must be prepared following an applicable financial reporting framework, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). The framework outlines the specific accounting principles, rules, and guidelines to be followed in preparing financial statements.

Financial Statements Are Prepared Following A(an)