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:

Exophthalmos

Protrusion of one or both eyeballs, often due to hyperthyroidism, specifically Graves' disease.

Conjunctivitis

Also known as pink eye, it is an inflammation or infection of the outer membrane of the eyeball and the inner eyelid.

Abbreviation

A shortened form of a word or phrase, used to simplify longer terms or phrases.

Soemmering's Ring

A ring of residual lens epithelial cells that can form around the outer edge of a cataract surgery capsule, potentially leading to secondary cataract formation.