Accountants Often Refer to GAAP

question 134

Multiple Choice

Accountants often refer to GAAP.What do the letters GAAP represent in accounting?

• A) Globally accepted and accurate policies
• B) Global accommodation accounting principles
• C) Generally accredited accounting policies
• D) Generally accepted accounting principles

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Definitions:

Phi Phenomenon

The optical illusion of perceiving continuous motion between separate objects viewed rapidly in succession.

Implicit Memory Effect

A phenomenon where previous experiences aid the performance of a task without conscious awareness of these previous experiences.

Sequestering Effect

The process of removing or isolating a chemical or substance from the environment, often used in carbon capture to reduce atmospheric CO2.

Serial Position Effect

A cognitive phenomenon whereby items at the beginning and end of a list are remembered more easily and accurately than those in the middle.