The Accounting Standards and Concepts Used in the Preparation of Financial

question 110

Multiple Choice

The accounting standards and concepts used in the preparation of financial statements are called:

• A)Certified principles of accounting (CPA).
• B)Generally accepted accounting principles (GAAP).
• C)Federal accounting standards and bylaws (FASB).
• D)Standards enforcing consistency (SEC).

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Definitions:

Sales Letter

A piece of direct mail designed to persuade the reader to purchase a particular product or service.

Legally Obligated

Required to act in a certain way by law.

Contracts

Legal agreements between two or more parties that outline obligations, rights, and terms to which all parties must adhere.

Social Media

Online platforms that enable users to create content, share information, and participate in social networking.