Generally Accepted Accounting Principles

question 55

Multiple Choice

Generally accepted accounting principles

• A)are accounting rules formulated by the Internal Revenue Service.
• B)are sound in theory but rarely used in real life.
• C)are accounting rules that are recognized as a general guide for financial reporting.
• D)have eliminated all errors in accounting.

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Definitions:

Virginia Assembly

The legislative body of the Colony of Virginia, established in the 17th century, and a precedent for democratic governance in the English colonies.

British Army

The principal land warfare force of the United Kingdom, responsible for protecting the country and supporting international peacekeeping efforts.

Stamp Act Congress

was a meeting held in 1765 in New York City, consisting of representatives from several of the British colonies in North America; it was the first gathering of elected representatives to devise a unified protest against new British taxation.

Colonial Resisters

Individuals in the American colonies who opposed British rule, leading to actions such as protests, boycotts, and eventually the Revolutionary War.