Firms that compile financial statements according to GAAP:A. record income and expenses at the time they affect the firm's cash flowsB. have no discretion of recording either revenue or expense itemsC. must record all expenses when incurredD. can still manipulate their earnings to some degree

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23-10-2019
Business

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Firms that compile financial statements according to GAAP:A. record income and expenses at the time they affect the firm's cash flowsB. have no discretion of recording either revenue or expense itemsC. must record all expenses when incurredD. can still manipulate their earnings to some degree

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Cetacea Cetacea · Answer 1 · 2019-10-23T09:28:27+02:00

Answer: D) can still manipulate their earnings to some degree.

Explanation: Generally Accepted Accounting Principles(GAAP) are the terms ans standards on which financial accounting works. The organizations that used financial statements in accordance with the GAAP can alter the earning of the firm if they want or require.

Other options are not that appropriate because cash flow is effected is not necessarily indicated by it. They can persist distinctness for revenue or expense .They don't keep records only for the suffering time.Thus, the correct option is option(D).