One purpose of generally accepted accounting principles is to make accounting information prepared by different companies more comparable. True False The statement of financial position and the income statement are one and the same. True False Financial accounting standards issued by the FASB are considered generally accepted accounting principles. True False Financial statements may be prepared for A. One year B. Less than one year C. Either A or B D. Neither A or B.Financial statements can only be prepared on a monthly basis, The field of accounting may best be described as: . A. Recording the financial transactions of an economic entity. B. Developin C. The art of interpreting, measuring, and describing economic actiyity. D. Developing the information required for the preparation of income tax returns. g information in conformity with generally accepted accounting principles. . The basic purpose of an audit is to: A. Assure financial statements are in conformity with GAAP. B. Provide as much useful information to decision makers as possible, regardless of cost. C. Record changes in the financial position of an organization by applying the concepts of double entry accounting. D. Meet an organization's need for accounting information as efficiently as possible