Generally Accepted Accounting Principles

question 68

Multiple Choice

Generally accepted accounting principles

• A)are laws created and enacted by Congress.
• B)define the standards for internal management reporting.
• C)increase the level of credibility in financial statements.
• D)are created by the Securities and Exchange Commission.

Describe the function and impact of the secondary mortgage market.

Explain the implications of high household debt and its effects on economic stability and individual financial security.

Interpret the causes behind the rise and fall of housing prices and its impact on the economy.

Understand the factors contributing to the housing bubble and the financial crisis of 2008.

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Definitions:

Extemporaneous

A method of speaking or performing with little or no advance preparation.

Presentation Method

Various techniques or approaches used to deliver information, ideas, or findings to an audience effectively.

Memorizing

The process of committing information to memory so that it can be recalled later without reference to the original source.

Reading

Reading involves interpreting and understanding the meaning of written symbols and languages, allowing individuals to gain information, knowledge, and enjoyment from text.