What must businesses do in order to comply with financial regulations and laws?

1 answer:

8 0

In order to meet legal and financial regulations, businesses must: A. report their revenue and earnings to the government.

GAAP is an abbreviation for Generally Accepted Accounting Principles and it comprises the financial accounting standards, procedures and principles that must be used by all public institutions that are operating in the United States of America.

IFRS is an acronym for International Financial Reporting Standards, it comprises of a set of accounting standards or rules issued by the International Accounting Standards Board (IASB).

This ultimately implies that, the International Financial Reporting Standards ensures that statement of income, when reported by accountants is consistent, transparent and comparable globally.

In this context, we can reasonably and logically deduce that businesses must report their revenue and earnings to the government in order to meet legal and financial regulations.

Read more on GAAP here: brainly.com/question/16014008

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Complete Question:

What must businesses do in order to meet legal and financial regulations?

report their revenue and earnings to the government

disclose information about sales with the media

report details of advertising revenue to managers

disclose product details to the competition

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