___________ Give Us Discipline and Support of Routine and Habit

question 21

Multiple Choice

___________ give us discipline and support of routine and habit.

• A)Folkways
• B)Mores
• C)Beliefs
• D)Feeling rules

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Definitions:

Fair Value

The estimated market price of an asset or liability, reflecting what a willing buyer would pay a willing seller in an arm's length transaction.

Useful Life

Useful Life is the estimated period that an asset is expected to be productive or provide benefits to a business, determining its depreciation or amortization schedules.

Goodwill Recognition

The process of accounting for the excess of purchase price over the fair value of identifiable assets and liabilities of an acquired entity.

US GAAP

United States Generally Accepted Accounting Principles, the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC).