Key Terms Instructions: Please Define the Following Key Terms. Show Who

question 21

Essay

Key Terms
Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
middle classes

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Definitions:

GAAP

Generally Accepted Accounting Principles; a framework of accounting standards, rules and procedures defined by the professional accounting industry, used to compile financial statements.

FASB

The Financial Accounting Standards Board, an organization that establishes financial accounting and reporting standards in the United States.

Financial Accounting

The field of accounting focused on the summary, analysis, and reporting of financial transactions pertaining to a business, leading to the creation of financial statements.

Decision-making

The process of selecting the best course of action from available alternatives based on specific objectives and constraints.