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9 December, 17:49

What is one of the MAIN purposes of GAAP?

A) To provide comparable information of all international companies for creditors and investors

B) To provide comparable information of nonprofit organizations for creditors and investors

C) To provide comparable information of private companies for creditors and investors

D) To provide comparable information of publicly-traded companies for creditors and investors

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Answers (1)
  1. 9 December, 20:57
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    Answer:A - To provide comparable information of all international companies for creditors and investors

    Explanation: GAAP - Generally Accepted Accounting Principles are basis by which the books of any organisation is prepared and presented in the financial statement.

    GAAP aims to unify the process of Financial accounting all around the world. It aids clarity, consistency and interpretation of financial information.

    GAAP is adopted all around the world in the preparation of financial information

    It is adopted by the US Securities and exchange commission.
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