Question: Identify the statement below that is not correct regarding generally accepted accounting principles (GAAP). Multiple Choice GAAP is used to ensure that financial statements are

Identify the statement below that is not correct regarding generally accepted accounting principles (GAAP). Multiple Choice GAAP is used to ensure that financial statements are meaningful and useful. GAAP allows the financial statements of different companies to be compared and meaningful conclusions drawn from the comparison. Sole proprietorships are not required to use GAAP because there is only a single owner. Using generally accepting accounting principles (GAAP) allows companies to compare its own statements from period to period

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Do not take criticism personally, even if it is meant to be personal.

2. To understand that as a general rule it takes about 3 minutes before the other part(s) have made up a 90% impression of you.