What Is the Main Goal of GAAP

question 199

Multiple Choice

What is the main goal of GAAP?

• A)To help ensure that financial decisions are made in a professional and ethical manner.
• B)To establish standards that help to prevent and detect fraudulent acts by management.
• C)To ensure that the financial information produced by companies is useful to present and potential investors and other parties in making decisions.
• D)To oversee the stock exchanges and financial reporting by public companies in the United States.

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Definitions:

Stimulus-response Presentation

A technique in marketing and psychology where a stimulus is presented to elicit a specific response from the target audience.

Need-satisfaction Format

A sales approach focused on identifying and fulfilling the needs and desires of potential customers.

Suggestive Selling

A sales technique where the seller recommends additional products or services to the buyer.

Extended Warranty

An additional warranty that covers the repair or replacement of items beyond the original manufacturer's warranty.