Through the Generally Accepted Accounting Principles (GAAP), the Financial Accounting

question 32

Multiple Choice

Through the generally accepted accounting principles (GAAP) , the Financial Accounting Standards Board (FASB) aims to ensure that financial statements are _____.

• A)comprehensive, exhaustive, extensive, and independent
• B)relevant, reliable, consistent, and comparable
• C)cursory, intensive, unabridged, and superficial
• D)circumstantial, inferential, presumptive, and provisional

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Definitions:

Federal Reserve Notes

The physical bills issued by the Federal Reserve, serving as the primary form of paper money in the United States.

Financial Intermediaries

are institutions that facilitate the channeling of funds between savers and borrowers, including banks, investment companies, and insurance companies.

Severe Penalties

Punishments or sanctions that are especially harsh or stringent, typically applied in legal contexts.

Financial Intermediaries

Institutions that facilitate the channeling of funds from savers to borrowers by intermediating between them.