In which situation is it acceptable to deviate from generally accepted accounting principles (GAAP)?

The correct choice highlights two scenarios in which it may be acceptable to deviate from generally accepted accounting principles (GAAP): when specific transactions have common industry practices and when adherence to GAAP would lead to misleading financial statements.

In certain industries, there might be established practices that diverge from standard GAAP guidelines. These alternate practices are often recognized as acceptable because they provide a clearer representation of the financial health or operational reality of companies within that industry. This flexibility accommodates the unique business models and transactions that cannot easily be captured by standard GAAP.

Additionally, there are occasions where strict adherence to GAAP could yield results that do not accurately reflect a company's true financial position or performance. This might occur due to atypical circumstances or one-time transactions that, if measured by the standard rules, would obscure important financial information. In such cases, deviations that provide a more truthful representation of the company's financial status can be justified to ensure that stakeholders receive reliable and relevant information.

Thus, the ability to adjust the application of GAAP in these situations ensures that the financial statements are more informative and meaningful to the users, ultimately leading to better decision-making.