Regarding generally accepted accounting principles (GAAP), which of the following statements is incorrect? A. Relevant information is complete, neutral, and free from error. B. GAAP is currently formulated by the Financial Accounting Standards Board. C. GAAP rests on a conceptual framework that identifies the objectives, characteristics, elements, and implementation of financial statements. D. The primary objective of financial reporting is to provide information useful for making investment and lending decisions.

Question

03-09-2019
Business

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Regarding generally accepted accounting principles (GAAP), which of the following statements is incorrect? A. Relevant information is complete, neutral, and free from error. B. GAAP is currently formulated by the Financial Accounting Standards Board. C. GAAP rests on a conceptual framework that identifies the objectives, characteristics, elements, and implementation of financial statements. D. The primary objective of financial reporting is to provide information useful for making investment and lending decisions.

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agustinsr99 agustinsr99 · Answer 1 · 2019-09-06T17:11:48+02:00

Answer: The statement "A. Relevant information is complete, neutral, and free from error." is incorrect

Explanation: The generally accepted accounting principles are a set of rules and norms that serve as an accounting guide to formulate criteria related to the measurement of equity and to the information of the patrimonial and economic elements of an entity. While one of these 14 principles speaks of neutrality in none mentions that Relevant information is complete, neutral, and free from error