Development of Generally Accepted Accounting Principles

question 135

Essay

Development of generally accepted accounting principles
(A. )What is meant by the phrase "generally accepted accounting principles"?
(B. )Explain the concept of the business entity and how it relates to generally accepted accounting principles.

Understand the role and components of the follow-up section in a proposal.

Identify and explain the different formats and general parts of a proposal.

Distinguish between types of short reports.

Differentiate between internal and external proposals.

---

Definitions:

Binomial Populations

Populations wherein each member must fall into one of two categories, which are mutually exclusive.

Standard Error

Measures the variability or dispersion of sample means around the population mean, giving an indication of how accurately the sample represents the population.

Point Estimate

Represents a single value given as the best guess or most likely value of a population parameter based on sample data.

Sampling Error

The difference between a sample statistic used to estimate a population parameter and the actual but unknown value of the parameter.