Which of the following best encapsulates the goal of generally accepted accounting principles (GAAP)?

The goal of generally accepted accounting principles (GAAP) is to standardize and enhance communication of financial information. GAAP establishes a common set of guidelines and standards for financial reporting that helps ensure consistency, reliability, and comparability in the financial statements presented by different companies. This uniformity is critical for investors, creditors, and other stakeholders who rely on financial statements to make informed decisions. By having a standardized framework, GAAP facilitates clear understanding and communication of a company's financial performance and position, allowing for better analysis and comparison across entities. This focus on clarity and consistency ultimately serves to improve trust in the financial system as a whole.