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:

Reconstruction Acts

Legislation passed after the Civil War that outlined the process for re-admitting Southern states into the Union, while also establishing conditions for suffrage and civil rights for formerly enslaved people.

Civil Rights Act

A landmark piece of legislation in the United States that outlaws discrimination based on race, color, religion, sex, or national origin.

Congress

A national legislative body, particularly in the United States, composed of the Senate and the House of Representatives.