Generally Accepted Accounting Principles Are

question 115

Multiple Choice

Generally accepted accounting principles are

• A) not used in the real world
• B) are required to make financial statement information relevant and faithfully represented
• C) are only used for internal reporting
• D) are only used by auditors
• E) are only used for reporting to Canada Revenue Agency

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Definitions:

Fraudulence

The intentional deception for personal gain or to damage another individual, which is unethical and illegal in most cases.

Authenticity

The state or quality of being genuine, reliable, or true to its nature or origins.

Sexual Harassment

Unwanted or unwelcome sexual advances, requests for sexual favors, and other verbal or physical harassment of a sexual nature.

Public Records

Documents or pieces of information that are not considered confidential and are kept by government agencies, available to the general public.