Which of the Following Is Considered Part of GAAP

question 31

Multiple Choice

Which of the following is considered part of GAAP?

• A)Statements of Financial Accounting Standards (SFAS)
• B)International Accounting Standards (IAS)
• C)International Financial Reporting Standards (IFRS)
• D)Internal Revenue Services (IRS)

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Definitions:

Retained Earnings

The portion of a company's profits that is kept or retained within the business for reinvestment or to pay down debt, instead of being distributed to shareholders as dividends.