Which of the Following Is False Regarding Compliance with GAAP

question 55

Multiple Choice

Which of the following is false regarding compliance with GAAP and GAAS?

• A)In some circumstances,a reasonable,competent accountant would do more than that the GAAP or GAAS requires.
• B)State statutes may not impose additional legal requirements on accountants beyond GAAP and GAAS.
• C)Failure to comply with GAAP and GAAS will almost certainly constitute a breach of duty.
• D)GAAP standards are established by the Financial Accounting Standards Board,and GAAS standards are established by the American Institute of Certified Public Accountants.
• E)Compliance with GAAP and GAAS does not automatically mean that the duty of care has been met.

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The absence of tariffs, quotas, and other regulatory barriers to trade between countries, allowing for the unrestricted exchange of goods and services.

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