The Time That Elapses Between the Implementation of a Policy

question 214

Multiple Choice

The time that elapses between the implementation of a policy and its intended result is referred to as

• A)the action time lag.
• B)the recognition time lag.
• C)the effect time lag.
• D)the data lag.

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Definitions:

GAAP

Generally Accepted Accounting Principles; the standard framework of guidelines for financial accounting.

Standard-Setting

The process of establishing norms or regulations that dictate the quality and safety of products, services, or systems within an industry.

Political Considerations

These refer to the impact that politics and government policy can have on economic issues, investments, and the overall business environment.

Economic Performance Approach

An accounting method where income and expenses are recorded when the service is provided or consumed, rather than when payment is made.