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Carissa Is Ready to Read the Chapter in Her Textbook

question 153

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Carissa is ready to read the chapter in her textbook for tomorrow. She knows that her smartphone is a distraction for her, so she turns the sound off. A few times while she was reading she wondered if she had any messages, but then thought, "Well, that will be my reward for getting through this. I need to keep reading." Carissa is demonstrating:


Definitions:

International Standards

These are agreements set by international organizations that dictate certain specifications, guidelines, or characteristics to ensure products, services, and systems are safe, reliable, and interchangeable worldwide.

IFRS

A collection of accounting principles formulated by the International Accounting Standards Board, known as International Financial Reporting Standards, that aid in the global creation of financial reports.

GAAP

Generally Accepted Accounting Principles, a collection of commonly-followed accounting rules and standards used in financial reporting within the United States.

Proprietorships

A business structure where a single individual owns and runs the business, bearing unlimited liability for its debts and obligations.

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