Generally Accepted Accounting Principles Include

question 10

Multiple Choice

Generally accepted accounting principles include

• A)specific rules, practices and procedures.
• B)broad principles and conventions of general applications including underlying concepts.
• C)pronouncements by the Emerging Issues Committee.
• D)all of these.

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Definitions:

Wage

The fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker.

Rent

The price paid for the use of property or land, typically agreed upon between the owner and the user for a specified period.

Net Wealth

The total value of all financial and non-financial assets owned by an individual or company minus the total of all its outstanding liabilities.

Consumption

The process by which goods and services are used up or utilized, reflecting household spending.