Generally Accepted Accounting Principles Are

question 81

Multiple Choice

Generally accepted accounting principles are:

• A) optional procedures for recording economic events.
• B) mandatory rules applied to both financial and management accounting.
• C) the rules of accounting, prescribed exclusively by Federal regulatory agencies.
• D) standards of accounting, a material departure from which may result in a qualified opinion issued by an auditor.

---

Definitions:

Five-factor Model

A psychological theory identifying five core dimensions of personality: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Western Europe

A region comprising the western part of Europe, known for its distinct historical, cultural, and economic identity compared to other parts of the continent.

North America

A continent located in the Northern Hemisphere, largely between the Atlantic and Pacific Oceans, consisting of countries such as Canada, the United States, and Mexico.

Narcissistic Personality Inventory

A self-report inventory used to measure narcissism in individuals.