Ask Question
BusinessBusiness
2 September, 00:18

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

+2
Answers (1)
  1. 2 September, 00:31
    0
    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.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “What is one of the MAIN purposes of GAAP? A) To provide comparable information of all international companies for creditors and investors ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Stellar Corporation engaged in the following cash transactions during 2017. Sale of land and building $194,800 Purchase of treasury stock 46,900 Purchase of land 44,700 Payment of cash dividend 91,800 Purchase of equipment 58,200 Issuance of common
Answers (1)
In measuring an impairment loss for a financial asset under U. S. GAAP and under IFRS, the carrying value of the financial asset would be compared to:
Answers (1)
Use this information for Train Corporation to answer the question that follow. The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Rails Division Locomotive
Answers (1)
On January 1, 2013, M. Johanson Company purchased equipment for $36,000. The company is depreciating the equipment at the rate of $500 per month. The book value of the equipment at December 31, 2013 is:A) $0. B) $6,000. C) $30,000. D) $36,000.
Answers (1)
Which factors can affect a stock's price? Check all that apply. market performance the company's financial health the quantity products produced location of the company the economy
Answers (2)
New Questions in Business
Star Repairs Co. does all the repair work for a medium-sized manufacturer of handheld computer games. The games are sent directly to Star, and after the games are repaired, Star bills the game manufacturer for cost plus a 20 percent markup.
Answers (1)
Gate Grocery's most popular candy bars cost $0.50 each and sells for $0.75. Management determined that it had purchased 3,000 candy bars in February. It began February with 200 bars and had 150 remaining at the end of February.
Answers (1)
Having a low credit score can make it more difficult to:
Answers (1)
In order to save time, money, and effort a group of criminologists, sociologists, psychologists, and political scientists combine their survey questions into one large questionnaire to be distributed to a group of students.
Answers (1)
Which of the following would not be counted in the calculation of GDP? Choose one or more: A. paying for a local garage to rotate the tires on your motorcycle B. government spending on social security C.
Answers (1)
Home » Business » 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
Sign Up Forgot Password?