Which of the Following Accounting Principles Does the Securities and Exchange

question 69

Multiple Choice

Which of the following accounting principles does the Securities and Exchange Commission (SEC) require U.S. firms to use when filing their financial statements?

• 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:

Functionalists

Scholars or theorists who analyze society, its entities, and phenomena based on the functions they perform in maintaining the social system.

Mental States

Conditions of consciousness or mind, such as thoughts, feelings, beliefs, desires, and intentions.

Material Embodiment

The physical manifestation or representation of a concept, value, or entity in material or tangible form.

Existential Account

A philosophical perspective that emphasizes individual freedom, choice, and responsibility, often associated with the human condition and existence.