Broad Concepts or Guidelines and Detailed Practices That Together Make

question 138

Multiple Choice

Broad concepts or guidelines and detailed practices that together make up accepted accounting practice at a given time are referred to as _____.

• A)accounting rules and regulations
• B)accounting conventions
• C)Generally Accepted Accounting Principles GAAP)
• D)Internal Revenue Systems regulations

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Definitions:

APS

Usually refers to Average Propensity to Save, an economic term that denotes the proportion of income that a person or population saves rather than spends on consumption.

Interest Rates

The percentage of a loan charged as interest to the borrower, typically expressed as an annual percentage rate.

Consumption

The total amount of goods and services bought and used by consumers, representing a major component of GDP and economic activity.

APC

The fraction of income that is spent on consuming goods and services is known as the Average Propensity to Consume.