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:

Corporate Financial Records

Documents that detail a company's financial status, including balance sheets, income statements, cash flow statements, and more.

Marketing Plans

Structured documents that outline a company's strategy for promoting its products or services to potential customers.

Phishing

A cybercrime technique involving the use of fraudulent communications, often emails, to deceive individuals into providing sensitive information.

Identity Theft

The fraudulent acquisition and use of a person's private identifying information, usually for financial gain.