Determining Whether Amounts Are in Conformity with GAAP Addresses the Proper

question 8

Multiple Choice

Determining whether amounts are in conformity with GAAP addresses the proper measurement of assets, liabilities, revenues, and expenses which includes all of the following except:

• A) the reasonableness of management's accounting estimates.
• B) proper application of valuation principles such as cost, net reliable value, market value, and present value.
• C) consistency in the application of accounting principles.
• D) the reasonableness of management's accounting policies.
• E) proper application of the matching principle.

---

Definitions:

Popular Sovereignty

The principle that the authority of a state and its government is created and sustained by the consent of its people, through their elected representatives.

Fugitive Slave Law

Legislation passed in the United States that required the capture and return of runaway slaves.

Sectional Controversy

Disputes and divisions in the United States, particularly between the North and South, over issues like slavery, tariffs, and states' rights, which ultimately led to the Civil War.

Fugitive Slave Act

Legislation passed by the United States Congress in 1850 that mandated the return of escaped slaves to their owners even if they were in a free state.