The Term "GAASs" Stands for "Generally Accepted Accounting Standards

question 37

True/False

The term "GAASs" stands for "generally accepted accounting standards."

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Definitions:

Alimony

Payments made to a spouse or ex-spouse under a divorce or separation agreement. It is considered taxable income for the recipient and tax deductible for the payor.

Divorce Agreement

A legal document outlining the division of assets, spousal support, and other arrangements agreed upon by individuals undergoing a divorce.

Child Support

Financial contributions required by law to be made by a non-custodial parent to support their minor child or children.

Self-Employed

An individual who works for themselves and is not employed by another entity, often responsible for their own taxes and benefits.