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:

Management Duties

Encompasses a range of responsibilities held by managers, including planning, organizing, leading, and controlling resources to achieve organizational objectives.

Corrective Action

Measures taken to rectify a problem, error, or deviation from a desired standard or performance.

Control

In management, the process of regulating organizational activities so that actual performance conforms to expected standards and objectives.

Plan of Action

outlines the specific steps or strategies that an individual or organization intends to take to achieve a particular goal or objective.