Which of the Following Is True of Generally Accepted Accounting

question 61

Multiple Choice

Which of the following is true of generally accepted accounting principles?

• A) GAAP includes detailed practices and procedures as well as broad guidelines of general application.
• B) GAAP is influenced by pronouncements of the SEC and IRS.
• C) GAAP changes over time as the nature of the business environment changes.
• D) All of these answer choices are correct.

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Definitions:

Weight Maintenance

The ability to keep one’s weight at a steady level, especially after losing weight.

Leptin

A hormone produced by fat cells that helps to regulate energy balance by inhibiting hunger.

Fat Stores

Accumulations of fat tissue in the body used as a source of energy when needed.

Digestive System

A series of organs responsible for breaking down food, absorbing nutrients, and eliminating waste from the body.