Generally Accepted Accounting Principles

question 144

Multiple Choice

Generally accepted accounting principles

• A) are fundamental truths or axioms that can be derived from laws of nature.
• B) derive their authority from legal court proceedings.
• C) derive their credibility and authority from general recognition and acceptance by the accounting profession.
• D) have been specified in detail in the FASB conceptual framework.

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Definitions:

Shared Vision

A common understanding and agreement on future goals and directions among members of a team or organization, fostering unity and collaboration.

Inspirational Motivation

A leadership approach that focuses on motivating followers by setting a clear vision and communicating it in a way that inspires them.

High Expectations

A principle that involves anticipating a high level of performance or outcome, often motivating improved results.

Communicate

The process of sharing information, ideas, or feelings between entities using mutually understood signs, symbols, or language.