Accounting Practices and Procedures Used to Prepare Financial Statements Are

question 5

Multiple Choice

Accounting practices and procedures used to prepare financial statements are called:

• A)GAAP
• B)FASB
• C)SEC
• D)Federal Reserve System
• E)none of the above

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Definitions:

Salaries

Periodic payments made to employees, usually on a monthly or biweekly basis, in return for labor services performed.

Real GDP

The measure of a country's economic output adjusted for price changes, such as inflation or deflation, providing a more accurate reflection of the economy's size and how it's growing over time.

Nominal GDP

The market value of all final goods and services produced within a country in a year, measured in current prices without adjusting for inflation.

Economy Growth

An increase in the production of goods and services in an economy over a period of time, often measured by the growth of the Gross Domestic Product (GDP).