In the audit of historical financial statements, what accounting criteria is most common?
A) Regulatory accounting principles.
B) International financial reporting standards.
C) Generally accepted accounting principles.
D) B and C
E) All of the above.

Question

Quizplus · Accepted Answer

Generally accepted accounting principles (GAAP) is the most common accounting criteria used in the audit of historical financial statements. It is a set of guidelines and standards that have been developed over time by the accounting profession and are widely recognized and accepted by the business community. While other accounting criteria, such as regulatory accounting principles and international financial reporting standards, are also used in certain situations, GAAP is the most widely used and accepted standard.

In the Audit of Historical Financial Statements, What Accounting Criteria