Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 1 - Financial Accounting and Accounting Standards - Review and Practice - Questions - Page 23: 28


Accountants must perceive that moral dimensions of some given situations since GAAP does not define or even cover all specific features that are to be reported in financial statements. In such circumstances, accountants must choose among the most viable alternatives.

Work Step by Step

Many are the times that these accounting choices influence whether particular stakeholders may be harmed or benefited. to this effect, moral decision making requires awareness of potential harm or even benefit thus taking responsibility for the choice.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.