GAAP Refer to Guidelines for Accounting Information in the United

question 34

Multiple Choice

GAAP refer to guidelines for accounting information in the United States.The acronym GAAP in this statement refers to ________.

• 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:

Term

The time period for which a loan or investment is made.

Rate of Interest

The rate at which interest is applied to a loan or credited to savings.

Investment

Allocating resources, usually money, with the expectation of earning an income or profit.

Term Deposits

Fixed-term savings accounts that typically offer higher interest rates, where money is locked in for a certain period.