Financial Accounting Standards Are Known Collectively as GAAP

question 55

Multiple Choice

Financial accounting standards are known collectively as GAAP.What does that acronym stand for?

• A)Generally Accepted Accounting Principles
• B)Generally Applied Accounting Procedures
• C)Governmentally Approved Accounting Practices
• D)Generally Authorized Auditing Principles

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Definitions:

Payroll Tax

A tax imposed on employers or employees, and is usually calculated as a percentage of the salaries that employers pay their staff.

Tax Collections

The process by which governmental authorities, such as the IRS in the United States, collect taxes from individuals and businesses.

Payroll Tax

Taxes imposed on employers or employees, usually calculated as a percentage of the salaries that employers pay their staff.

Labor Market

The supply and demand for labor, where workers find employment and employers find workers.