Generally Accepted Accounting Principles Were Established by the American Accounting

question 1

True/False

Generally accepted accounting principles were established by the American Accounting Association in 1934 and are updated annually by Congress.

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Definitions:

Total Combined Assets

The aggregate value of all assets owned by an entity, including cash, investments, property, and any other resources of value.

Social Change

Refers to significant alterations over time in behavior patterns and cultural values and norms of society.

Charitable Nonprofits

Organizations dedicated to furthering a social cause or advocating for a shared point of view without seeking profit margins.

Largest Subsector

The biggest segment within a sector, often characterized by having the most organizations, employees, or revenue.