The Constitutional Convention in 1787 Was Brought on by the

question 69

Multiple Choice

The Constitutional Convention in 1787 was brought on by the

• A) publication of the Treaty of Paris.
• B) request of President Washington.
• C) failure of the Articles of Confederation.
• D) publication of the Declaration of Independence.
• E) end of the Revolutionary War.

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Definitions:

GAAP

Generally Accepted Accounting Principles are a compilation of universally accepted standards and rules for accounting and financial reporting.

IFRS

International Financial Reporting Standards, a set of global accounting guidelines outlining how transactions and other accounting events should be reported in financial statements.

Internal Control Procedures

Methods and guidelines set up by an organization to guarantee the accuracy of fiscal and accounting data, encourage responsibility, and deter dishonest practices.

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those presented on a bank statement to ensure consistency and accuracy of financial data.