The Major Reason for the Existence of Generally Accepted Accounting

question 51

Multiple Choice

The major reason for the existence of generally accepted accounting principles is to:

• A) force accountants to all act in the same way.
• B) increase business profits.
• C) improve the standard of accounting information for decision-making.
• D) make accountants legally liable for errors.

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Definitions:

Intuitive Judgment

The ability to make decisions or draw conclusions in the absence of explicit reasoning or comprehensive analysis, often based on experience and gut feelings.

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