Cultures All Hold Values and Principles That Are Commonly Shared

question 79

Multiple Choice

Cultures all hold values and principles that are commonly shared and communicated:

• A)specifically through the education system.
• B)from older members to younger ones.
• C)via intrapersonal communication.
• D)before a person is initiated into a group or community.
• E)only among valued members.

---

Definitions:

Accounting Principles

Fundamental concepts or guidelines that govern the field of accounting, such as consistency, relevance, reliability, and comparability.

Actual Cost

The direct costs incurred in the production of goods, including labor and materials.

Revenue Recognition Principle

An accounting principle that dictates that revenue should be recognized in the accounting period in which it is earned and realizable.

Recognized

Recognized, in accounting terms, refers to the official acknowledgment of a transaction or event in the financial statements through recording it.