Generally Accepted Accounting Principles, or GAAP, Are the Rules and Procedures

question 140

True/False

Generally accepted accounting principles, or GAAP, are the rules and procedures established by the Financial Accounting Standards Board, or the FASB.

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Definitions:

Directional Selection

The gradual replacement of one phenotype with another because of environmental change that favors phenotypes at one of the extremes of the normal distribution. Compare with stabilizing selection and disruptive selection.

Phenotypes

The set of observable characteristics or traits of an organism resulting from the interaction of its genotype with the environment.

Normal Distribution

A bell-shaped frequency distribution curve, where most occurrences take place in the middle of the distribution and taper off on either side.

Hardy-Weinberg Principle

A principle stating that the genetic variation in a population will remain constant from one generation to the next in the absence of disturbing factors.