Which of the following is NOT a justifiable reason to depart from generally accepted accounting...

Detailed Explanation:

Rationale for Correct Answer: Departures from GAAP may be justified if compliance produces misleading results, if the transaction is immaterial, or if the costs exceed benefits. However, simply departing from GAAP because assets would be understated and liabilities overstated is not an acceptable reason ; GAAP requires faithful representation even if results are unfavorable.

Analysis of Incorrect Options:

A – Cost-benefit considerations are valid grounds in practice.

C – Materiality is a recognized exception to strict GAAP application.

D – Preventing misleading statements is a valid justification.

Key Concept: GAAP exceptions are limited to cost-benefit, immateriality, and preventing misleading reporting .