The Accounting Profession Follows Generally Accepted Accounting Principles as Defined

question 192

Multiple Choice

The accounting profession follows generally accepted accounting principles as defined by

• A) GAAP.
• B) the PCAOB (Public Company Accounting Oversight Board).
• C) the FASB (Financial Accounting Standards Board).
• D) the Sarbanes-Oxley Act.

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Definitions:

Income

The financial gain received by an individual or entity, typically measured over a period of time, deriving from labor, investment, or business ventures.

Marginal Utility

The additional satisfaction or benefit received by consuming one more unit of a good or service.

Money Income

The total amount of monetary earnings received by an individual or household before any deductions like taxes or social security contributions.

Units

Fundamental quantities used to measure, count, or quantify objects or events.