Asked by
JOANN HARRIS
on Nov 09, 2024
Verified
Generally accepted accounting principles are intended to create financial statement formats that are unique to each industry.
Generally Accepted Accounting Principles
A collection of commonly-followed accounting rules and standards for financial reporting.
Financial Statement Formats
The specific layout and organization of information within financial documents, such as balance sheets and income statements, which comply with accounting standards.
- Understand the purpose and importance of financial statements in a business.
Verified Answer
CL
Learning Objectives
- Understand the purpose and importance of financial statements in a business.
Related questions
In the Owner's Equity Statement Revenues Are Listed First Followed ...
The Primary Purpose of the Statement of Cash Flows Is ...
Expressing an Opinion as to the Fairness of the Information ...
Financial Statements Are the Major Means of Communicating Accounting Information ...
The Monetary Value Earned for Selling Goods or Services to ...