Generally Accepted Accounting Principles (GAAP) Are a Set of Accounting

question 106

True/False

Generally accepted accounting principles (GAAP) are a set of accounting standards used in the preparation of financial statements.

---

Definitions:

Internal Locus

The belief that one's actions and outcomes are a result of personal decisions and efforts rather than external factors.

Self-Actualization

The need to actualize or "make actual" your unique talents and abilities.

Habituation

The psychological process by which an individual becomes accustomed to a stimulus and consequently responds less to it over time.

Discrimination

Unjust or prejudicial treatment of different categories of people, often based on race, age, sex, or disability.