Which of the following is NOT among the standards of the generally acc

QUESTION

Which of the following is NOT among the standards of the generally accepted accounting principles?

A) to ensure that financial statements are relevant
B) to ensure that financial statements are reliable
C) to ensure that financial statements are comparable
D) to ensure that financial statements are affordable
E) to ensure that financial statements are consistent

ANSWER

Answer: D
Explanation: D) The generally accepted accounting principles (GAAP) is a set of accounting standards used in the preparation of financial statements to ensure that they are relevant, reliable, consistent, and comparable. Affordability is NOT on the list of the four generally accepted accounting principles.