Which of These Following Is NOT True Regarding Generally Accepted

question 10

Multiple Choice

Which of these following is NOT true regarding generally accepted accounting principles?

• A) Include specific rules, practices and procedures.
• B) Include broad principles and conventions of general applications including underlying concepts
• C) Standards of accounting, a material departure from which may result in a qualified opinion issued by an auditor.
• D) The GAAP requirement for Private companies is enforceable by the provincial securities commissions.

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Definitions:

Shareholder Votes

The process by which shareholders exercise their right to make decisions on corporate matters, typically exercised during annual general meetings.

Board of Directors

A group of individuals elected by shareholders to oversee the management and governance of a corporation.

Strategic Benefits

Advantages gained by a business that help it achieve its organizational goals, often through improved competitiveness or market positioning.

Acquisition

The process of acquiring control of another company or asset.