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:

Attributes

Characteristics or features of a product or service that are considered when evaluating or making a choice.

Descriptive Norm

A perception of what is commonly done in specific situations, which influences individuals' behavior in social contexts.

Affiliation Goal

The motivation to build relationships or be connected with others.

Injunctive Norm

Social norms that are perceived as being approved of by other people, influencing behavior by suggesting what is socially acceptable.