Question

Do you agree with the statement that GAAP and GAAS represent two frequently used financial reporting frameworks?

a) True
b) False

Answer 1

GAAP and GAAS are two frequently used financial reporting frameworks.

Step-by-step explanation:

True. GAAP stands for Generally Accepted Accounting Principles and is a set of standard accounting principles, guidelines, and procedures used to prepare financial statements. GAAS stands for Generally Accepted Auditing Standards and is a set of standards that auditors use when conducting financial statement audits. Both GAAP and GAAS are frequently used frameworks in financial reporting.