Generally Accepted Accounting Principles (GAAP) Require Companies to Report

question 160

Multiple Choice

Generally Accepted Accounting Principles (GAAP) require companies to report

• A)selected information about operating segments in the annual report.
• B)financial statements using a cash basis.
• C)information based on responsibility centers.
• D)information in a segment margin format.

Comprehend the relationship between parenting styles, adolescence behavior, and social cooperation.

Understand the constitutional considerations and legal framework surrounding affirmative action and college admissions.

Comprehend the foundation and application of intersectional theory to contemporary issues.

Recognize the role of family and socialization in the development of prejudice.

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Definitions:

Accounts

Financial records that track the transactions and balances for specific items such as assets, liabilities, equity, revenue, and expenses.

Debit

An accounting entry that results in either an increase in assets or a decrease in liabilities or equity on a company's balance sheet.

Credit

An accounting entry that increases a liability or equity account, or decreases an asset or expense account. It is also used in banking to denote the addition of funds to an account.

Credit Side

The right side of an accounting ledger, used for recording increases in liabilities, equity, and revenue, and decreases in assets and expenses.