GAAS Refers To

question 42

Multiple Choice

GAAS refers to:

• A) ten auditing standards grouped into three sections.
• B) those auditing standards that apply only to audits of public companies.
• C) accounting principles generally accepted.
• D) None of the above.

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Definitions:

Dividends

Corporate profits that are allocated and paid out to individuals owning stock in the company, effectively sharing a part of the earnings with shareholders.

Cumulative Voting

Procedure where a shareholder may cast all votes for one member of the board of directors.

Board Of Directors

A group of individuals elected by shareholders to oversee the management and make major decisions for a corporation.

Shares Of Stock

Units of ownership interest in a corporation that give the owner a share in the company's profits and voting rights.