The _____ Writes the Generally Accepted Accounting Principles (GAAP) That

question 79

Multiple Choice

The _____ writes the generally accepted accounting principles (GAAP) that govern the financial statements of U.S. firms.

• A) U.S. Securities and Exchange Commission
• B) Office of Economic Analysis
• C) International Accounting Standards Board
• D) Financial Accounting Standards Board

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Definitions:

Human Capital

The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value to an organization or society.

Production Possibilities

The various combinations of goods and services that can be produced within an economy given available resources and technology.

Circular-Flow Diagram

A visual model of the economy that illustrates the exchanges between households and firms through markets for products and resources.

Economy

A system of production, distribution, and consumption of goods and services in a particular geographic region.