Generally Accepted Accounting Principles (GAAP)were (Are)established By

question 37

Multiple Choice

Generally accepted accounting principles (GAAP) were (are) established by:

• A)an Italian monk in 1494.
• B)the U.S.Congress and the SEC.
• C)the PCAOB.
• D)the FASB on an ongoing basis.

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Definitions:

Elasticity of Resource Supply

A measure of how responsive the quantity supplied of a resource is to a change in price.

Elasticity of Product Demand

The degree to which the demand for a product changes in response to a change in its price.

Labor Costs

The total expenditure by businesses for paying their employees, including wages, benefits, and taxes.

Labor-Intensive

A process or industry that requires a large amount of labor relative to capital in its production processes.