Generally Accepted Accounting Principles Were Established by the American Accounting

question 1

True/False

Generally accepted accounting principles were established by the American Accounting Association in 1934 and are updated annually by Congress.

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Definitions:

Federal Unemployment Tax Act

The Federal Unemployment Tax Act (FUTA) is a United States federal law that funds the administration of unemployment insurance and job service programs in every state.

Unemployment Compensation

The state system, created by the Federal Unemployment Tax Act, that provides unemployment compensation to qualified employees who lose their jobs.

Qualified Employees

Workers who possess the skills, educational background, and professional experience necessary to perform their job duties effectively.

Shift Workers

Employees who are scheduled to work at different times outside the typical 9 to 5 workday, including evening, night, or rotating shifts.