The Three Fundamental Principles Underlying GAAS Include All of the Following

question 42

Multiple Choice

The three fundamental principles underlying GAAS include all of the following, except:

• A)general principle.
• B)performance principle.
• C)reporting principle.
• D)responsibilities principle.

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Definitions:

Limited Partner

An investor in a partnership who has limited liability to the extent of their investment and does not participate in day-to-day management.

General Partner

A member of a partnership who has unlimited liability and is actively involved in managing the business.

Limited Partner

An investor in a partnership who has limited liability to the extent of their investment in the business and does not participate in day-to-day management.

Limited Partnership

A business partnership where at least one partner has limited liability to the extent of their investment while at least one other has unlimited liability.