GAAP's goals are to ensure that financial statements

A) do not contain any representation that could jeopardize management.
B) provide stockholders all of the information they need to assess management's performance.
C) are accurate and free from fraud.
D) clearly reflect the economic condition and performance of the company.

Economic Condition

Economic condition refers to the current state of the economy, encompassing aspects like growth rates, inflation, unemployment, and overall financial health.

GAAP's Goals

The objectives of Generally Accepted Accounting Principles, which include ensuring the reliability, consistency, and comparability of financial reporting.

Financial Statements

Documents that provide an overview of a company's financial condition, including income statement, balance sheet, and statement of cash flows.