Generally Accepted Accounting Principles Are

question 43

Multiple Choice

Generally accepted accounting principles are

• A)guidelines that indicate how to report economic events.
• B)income tax regulations of the Internal Revenue Service.
• C)theories that are based on physical laws of the universe.
• D)principles that have been proven correct by academic researchers.

---

Definitions:

Freeze Frame Data

Diagnostic information stored by a vehicle's onboard computer at the time a fault is detected, capturing various operational conditions to aid in troubleshooting.

Snap Shot Data

Instantaneous data or information captured at a specific point in time, often used for analysis or comparison.

Mode 6 Data

Diagnostic data provided by on-board vehicle computers, detailing test results for specific components and systems not necessarily flagged by a check engine light.

Failure Record

Documentation of instances where a system or component did not perform as expected.