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

question 62

Multiple Choice

In the phrase "generally accepted accounting principles," the words accounting principles refers to:

• A)The standards,assumptions,and concepts that serve as "ground rules" for financial reporting.
• B)Ethical standards that prohibit fraudulent or misleading financial reporting.
• C)The steps in the accounting cycle.
• D)The accounting practices authorized by the Financial Accounting Standards Board (FASB).

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Definitions:

Bureaucracy

An organizational structure characterized by hierarchical authority, a clear division of labor, explicit rules and procedures, and impersonality in personnel matters.

Socioemotional Relations

The aspect of human relations that involves emotional connection, empathy, and bonding among individuals within a social context.

Instrumental Interaction

Interactions focused on achieving specific objectives or tasks, often characterized by practical and goal-oriented communication.

Milgram's Studies

A series of psychological experiments conducted by Stanley Milgram in the 1960s to investigate obedience to authority, revealing how individuals could perform actions conflicting with their personal conscience under the influence of authority.