GAAP Allows Companies to Use ________ for External Reporting Purposes

question 101

Multiple Choice

GAAP allows companies to use ________ for external reporting purposes.

• A)only the traditional format of the income statement
• B)only the contribution margin format of the income statement
• C)either the traditional format or the contribution margin format
• D)the variable costing format

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Definitions:

Self-Actualization

Achieving one's full potential, including creative expression, quest for spiritual enlightenment, pursuit of knowledge, and giving back to society.

Esteem

The respect and admiration that an individual, entity, or concept holds in the opinion of others.

Self-Actualization Needs

The highest level in Maslow's hierarchy of needs, representing the realization of one's potential and self-fulfillment.

Esteem Needs

According to Maslow's hierarchy of needs, these are the fourth level of human needs, including respect, self-esteem, status, recognition, and strength.