Which of the following groups has primary responsibility for the information contained in the financial statements?

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answerhappygod
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Which of the following groups has primary responsibility for the information contained in the financial statements?

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A) The company's management.
B) The company's auditors.
C) The company's investors.
D) SEC.
Answer: A
Explanation: The primary responsibility for the information in the financial statements lies with
management.
Difficulty: 2 Medium
Topic: Accounting communication process-Accuracy
Learning Objective: 01-02 Identify the role of generally accepted accounting principles (GAAP)
in determining financial statement content and how companies ensure the accuracy of their
financial statements.
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