Characteristics of Generally Accepted Accounting Principles Include All of the Following

question 9

Multiple Choice

Characteristics of generally accepted accounting principles include all of the following except

• A) authoritative accounting that the rule-making body has established as a principle of reporting.
• B) standards are considered useful by the profession.
• C) each principle is approved by the SEC.
• D) practice has become universally accepted over time.

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Definitions:

Anaerobic Bacteria

Bacteria that thrive in environments lacking oxygen, playing roles in processes like fermentation.

Cholera

An infectious disease caused by the bacterium Vibrio cholerae, leading to severe diarrhea and dehydration.

Spirillum

A spiral-shaped bacterium.

Parasite

An organism that lives on or in another organism and relies on it for nourishment or some other advantage to the detriment of the host organism.