If Generally Accepted Accounting Principles Did Not Exist

question 24

Multiple Choice

If generally accepted accounting principles did not exist,

• A)comparability between companies' financial statements would be enhanced.
• B)financial statements of different companies would be presented more uniformly.
• C)each company would have to develop its own set of accounting practices.
• D)social welfare would have greater potential of being maximized.

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Definitions:

Relevant

Closely connected or appropriate to the matter at hand.

U.S. Census Bureau

A principal government agency responsible for collecting and providing data about the people and economy of the United States.

Cellular Phones

Portable electronic devices that enable voice and data communication over a network of distributed base stations.

Research Objective

A specific, concise, and achievable goal that guides the direction and focus of a research project.