Financial Accounting Standards That Define What Constitutes Acceptable Accounting Practice

question 101

Multiple Choice

Financial accounting standards that define what constitutes acceptable accounting practice for financial reporting world wide are referred to as:

• A)SFAS
• B)FASB
• C)IFRS
• D)GAAP

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Definitions:

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Words that name people, places, things, or ideas and serve as the subject of a sentence in grammar.

Phonological Loop

A component of the working memory model that deals with auditory information and preserves the order of this information.

Visuospatial Sketchpad

A component of working memory responsible for the manipulation and temporary storage of visual and spatial information.

Working Memory

An intellectual system with restricted capability tasked with momentarily maintaining information for processing purposes.