Accounting Practices and Procedures Used to Prepare Financial Statements Are

question 83

Multiple Choice

Accounting practices and procedures used to prepare financial statements are called ________.

• A) SEC
• B) IFRS
• C) GAAP
• D) IRB

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Definitions:

Deposits

Funds placed into a bank account or materials settled in a location or container, accumulating over time.

Transactions

Actions carried out between parties that involve the exchange of goods, services, or funds, often documented and finalized through a formal process or agreement.

ATM

An Automated Teller Machine, which is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller.

Check Register

A record keeping tool used to track checks written, deposits made, and current balance for a checking account.