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:

Twin Studies

Research studies that compare the similarity between monozygotic (identical) and dizygotic (fraternal) twins to understand genetic and environmental influences.

Major Depression

A syndrome in mental health where there's a persistent somber mood or lack of interest in activities, markedly impacting daily functionality.

Bipolar Disorder

A mental health condition characterized by extreme mood swings that include emotional highs (mania or hypomania) and lows (depression).

Bipolar Disorder

A psychiatric condition characterized by dramatic shifts in mood, from high (mania or hypomania) to low states (depression).