For an Entity's Financial Statements to Be Presented Fairly in Conformity

Multiple Choice

For an entity's financial statements to be presented fairly in conformity with generally accepted accounting principles, the principles selected should:

A) Be applied on a basis consistent with those followed in the prior year.
B) Be approved by the Auditing Standards Board or the appropriate industry subcommittee.
C) Reflect transactions in a manner that presents the financial statements within a range of acceptable limits.
D) Match the principles used by most other entities within the entity's particular industry.