Which of the following statements about GAAP is not true? O a. GAAP impacts how companies report and what they report. O b. GAAP allows a company's management to record and report data as it sees fit. O c. GAAP is the principles and assumptions that the management of a company uses to record and report its financial information. O d. GAAP is a standard set of principles and assumptions that allows for the comparison of financial performance.
Which of the following statements about GAAP is not true? O a. GAAP impacts how companies report and what they report. O b. GAAP allows a company's management to record and report data as it sees fit. O c. GAAP is the principles and assumptions that the management of a company uses to record and report its financial information. O d. GAAP is a standard set of principles and assumptions that allows for the comparison of financial performance.
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor
Section: Chapter Questions
Problem 3CYBK: Which of the following are affected by the quality of an organization’s internal controls? a....
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Transcribed Image Text:Which of the following statements about GAAP is not true?
O a. GAAP impacts how companies report and what they report.
O b. GAAP allows a company's management to record and report data as it sees fit.
O c. GAAP is the principles and assumptions that the management of a company uses to record and report its financial information.
O d. GAAP is a standard set of principles and assumptions that allows for the comparison of financial performance.
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