GAAP Are Standards and Rules Recognized as a General Guide

question 7

True/False

GAAP are standards and rules recognized as a general guide for financial reporting purposes.

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Definitions:

Family And Medical Leave Act

A U.S. federal law requiring covered employers to provide employees with job-protected and unpaid leave for qualified medical and family reasons.

Health-Care Coverage

A contract by which an insurance company agrees to cover part or all of a person's medical expenses in exchange for a premium.

Fair Labor Standards Act

U.S. legislation that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week. It also prohibits most employment of minors in "oppressive child labor".

Hazardous Occupation

A job or profession that poses significant risks to the safety and health of the workers.