Generally Accepted Accounting Principles Requires That Companies Use the ____

question 24

Multiple Choice

Generally accepted accounting principles requires that companies use the ____ of accounting.

• A) cash basis
• B) deferral basis
• C) accrual basis
• D) account basis

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Definitions:

Economic

Pertaining to the production, distribution, and consumption of goods and services, as well as the management of money and resources in a region or country.

Social

Relating to society or its organization, or pertaining to human interactions and relationships.

Environmental

Relating to the natural world and the impact of human activity on its condition, or the surroundings and conditions in which a person, animal, or plant lives or operates.

Task Performance

The effectiveness and efficiency with which an individual completes a specific job-related task or function.