Which Statement Is TRUE Regarding Financial Statements

Multiple Choice

Which statement is TRUE regarding financial statements?

A) All financial statements follow precisely the same format.
B) There is an international set of rules that businesses must follow when preparing financial statements.
C) All industries use the same generally accepted accounting principles to develop financial statements.
D) Different types of organizations use different sets of accounting principles agreed upon by the public accounting profession.
E) There is a template businesses are required to use when preparing financial statements.