Generally Accepted Accounting Principles

question 59

Multiple Choice

Generally accepted accounting principles:

• A)Are based on official decrees only.
• B)Are based on tradition only.
• C)Are based on an accountant's experience only.
• D)May change over time.

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Definitions:

Privacy

The state or condition of being free from unauthorized intrusion into one’s personal information or affairs.

Activities

Tasks, events, or actions undertaken by individuals, often for enjoyment, relaxation, or achieving specific goals.

Hartshorne and May

Researchers known for their studies in the field of moral development, particularly for their work in the 1920s on honesty in children.

Research

The systematic investigation into and study of materials, sources, etc., in order to establish facts and reach new conclusions.