Regarding Generally Accepted Accounting Principles (GAAP),which of the Following Statements

question 198

Multiple Choice

Regarding generally accepted accounting principles (GAAP) ,which of the following statements is incorrect?

• A) GAAP rests on a conceptual framework that identifies the objectives, characteristics, elements, and implementation of financial statements.
• B) The primary objective of financial reporting is to provide information useful for making investment and lending decisions.
• C) Relevant information is complete, neutral, and free from error.
• D) GAAP is currently formulated by the Financial Accounting Standards Board.

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Definitions:

Subsidiary

A company that is controlled by another corporation, often referred to as the parent company, through ownership of a majority of its voting stock.

Management Development

Programs and activities designed to enhance the skills, knowledge, and abilities of managers and potential managers.

On-the-job Training

A training approach where employees learn and acquire new skills while performing their regular work tasks.

Approaches

Various methods or strategies used in dealing with situations or in achieving specific objectives.