Which Principles Encompass the Conventions,rules,and Procedures for Determining Acceptable Accounting

question 32

Multiple Choice

Which principles encompass the conventions,rules,and procedures for determining acceptable accounting and financial reporting practices at a particular time?

• A)SOX
• B)IASB
• C)GAAP
• D)FASB

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Definitions:

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law in sales and other commercial transactions across states.

Assignment

The conveyance of entitlements, properties, or liabilities from one party to a different one.

Delegation

The act of assigning responsibility or authority from one person to another.

Donee Beneficiary

A third party who benefits from a contract made between two other parties, specifically where the intent is to gift a benefit or rights under the contract to the third party.