The Primary Objective of GAAP Is to Provide Accounting Information

question 140

Multiple Choice

The primary objective of GAAP is to provide accounting information that is

• A)Comparability.
• B)Timeliness.
• C)Neutral.
• D)Freedom from bias.
• E)Usefulness for decision making.

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Definitions:

Chronological Age

The actual age of an individual measured in years from the date of birth.

Intelligence Quotient

A measure of a person's intellectual abilities in relation to the average performance of others in their age group.

Deviation Scores

Statistical measures that indicate the difference between an observed value and the mean of a dataset, showing how far from the "normal" a particular value lies.

Normal Distribution

A bell-shaped distribution of data where most values cluster around a central mean or average value.