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:

Foreign Seller

refers to a seller or supplier who is located in a different country than the buyer, typically involving cross-border transactions subject to international trade laws.

Goods

Merchandise or physical items that are produced, bought, or sold.

World Trade Organization

An international organization designed to supervise and liberalize world trade by providing a framework for negotiating trade agreements and a dispute resolution process.

Member States

Countries that are part of a larger political or economic union or organization and subject to its agreements and regulations.