Which of the following would not be required for financial statements to be presented fairly in conformity
Question:
Which of the following would not be required for financial statements to be “presented fairly” in conformity with generally accepted accounting principles?
a. That generally accepted accounting principles be followed in presenting all material items in the statements.
b. That generally accepted accounting principles be applied on a basis consistent with those followed in the prior year.
c. That the generally accepted accounting principles selected from alternatives be appropriate for the circumstances of the particular company.
d. That the generally accepted accounting principles selected from alternatives reflect transactions in accordance with their substance.
Step by Step Answer:
Auditing Integrated Concepts And Procedures
ISBN: 9781260299397
5th Edition
Authors: Donald H. Taylor, G. William Glezen