What Are Generally Accepted Accounting Principles

question 9

Multiple Choice

What are generally accepted accounting principles?

• A) a set of globally accepted accounting standards for public companies
• B) accounting rules and standards used only for private companies
• C) the former financial accounting rules and standards for accountants in Canada
• D) what is taught in accounting courses

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Definitions:

Reclaim

The process of recovering materials or substances from waste or by-products for reuse or recycling.

Resell

The act of selling an item or property previously purchased, to another buyer.

Repudiating Party

In contract law, the party who refuses to fulfill their contract obligations, effectively rejecting the contract.

Right To Cure

A legal right allowing a party in breach of contract a period of time to fix or remedy the breach before facing legal consequences or termination of the contract.