Asked by Leroy Jankins on Apr 29, 2024
Verified
A list of statements follows:
a. GAAP identifies the ‾\underline{\quad\quad} of financial reporting
b. Financial repating should, above all, provide information that is ‾\underline{\quad\quad} to external decision makers.
c. A company's financial statements and other me ans of financial reporting should include explanations and interpret ations by its management to help external users under stand the financial infomation provided. This represents management's ‾\underline{\quad\quad} to outsiders.
Required:
Fill in the words necessary to complete the statements.
GAAP
Generally Accepted Accounting Principles; a collection of commonly followed accounting rules and standards for financial reporting in the United States.
Financial Reporting
Financial reporting involves the disclosure of financial information to various stakeholders about the company's performance over a period.
Management's Responsibility
The obligation of an organization's management to ensure accurate and complete financial reporting, adherence to laws and regulations, and effective operation of the entity.
- Detect and fathom the qualitative elements of financial information as outlined by GAAP.
- Comprehend the primary user groups and constraints in financial reporting as identified by IASB and FASB.
Verified Answer
Learning Objectives
- Detect and fathom the qualitative elements of financial information as outlined by GAAP.
- Comprehend the primary user groups and constraints in financial reporting as identified by IASB and FASB.
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