In the Phrase "Generally Accepted Accounting Principles," the Words Generally

question 88

Multiple Choice

In the phrase "generally accepted accounting principles," the words generally accepted mean that the principles:

• A)Have been adopted by Congress or approved by the voters in a general election.
• B)Are acceptable to the Internal Revenue Service.
• C)Are understood and observed by all the participants in the financial reporting process.
• D)Have been approved by a majority of the members of the Financial Accounting Standards Board.

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Definitions:

Federal Court

A court established under the federal government’s authority, with jurisdiction over matters specifically enumerated in the constitution or federal statutes.

Product Liability

The legal liability of manufacturers, sellers, and lessors of goods to consumers, users, and bystanders for injuries or damages that are caused by the goods.

Exclusive Jurisdiction

The power of a court to adjudicate a case to the exclusion of all other courts.

Federal Courts

Courts established under the Constitution of the United States, which deal with issues pertaining to federal laws and constitutionality.