What Has the Accounting Profession Adopted to Guide the Practice

question 124

Multiple Choice

What has the accounting profession adopted to guide the practice of financial accounting in order to provide external shareholders with relevant,reliable,consistent,and comparable financial information?

• A)formal accounting rules and procedures (FARP)
• B)standardized accounting procedures (SAP)
• C)generally accepted accounting principles (GAAP)
• D)general accounting rules for financial statements (GARFS)

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Definitions:

Social Cognitive Theory

A theory that emphasizes the role of observational learning, imitation, and modeling in behavior, asserting that people learn within a social context.

Representational Processes

The cognitive mechanisms by which people perceive, interpret, and mentally organize their surroundings.

Imitative Processes

The psychological mechanisms through which individuals replicate or mimic the behaviors, actions, or attitudes of others, often as a form of social learning.

Media Violence

Representations of violent acts in media sources, such as TV, movies, video games, and the internet, which are a subject of concern regarding their potential influence on real-life aggressive behavior.