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:

Interstate Commerce

Refers to any work involving or related to the movement of goods or services across state lines within the United States.

Worker's Regular Hourly Wage

The standard rate of pay per hour for a worker before any overtime or bonuses are added.

Overtime Pay

Compensation for employees who have worked more than the standard work hours.

Fair Labor Standards Act

A U.S. law that sets minimum wage, overtime pay eligibility, recordkeeping, and child labor standards.