Which of the Following Accounting Principles Is Used in the United

question 25

Multiple Choice

Which of the following accounting principles is used in the United States?

• A) International Accounting Standards Board (IASB)
• B) International Financial Reporting Standards (IFRS)
• C) Generally Accepted Accounting Principles (GAAP)
• D) National Advisory Accounting Standards (NAAS)
• E) Financial Accounting Standards Principles (FASP)

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Definitions:

Enslaved Woman

A female who was forcibly subjected to the condition of being owned by another person, stripped of autonomy and freedoms, particularly in historical contexts such as pre-Civil War America.

Half-Freedom

A term referring to a status granted to some slaves in the New Netherlands (now New York) area in the 17th century, allowing them limited freedoms under certain conditions but not full independence.

Manumitted

The act of a slave owner freeing their slaves.

New Netherland

A 17th-century colonial province of the Seven United Netherlands that was located on the East Coast of North America.