Generally Accepted Accounting Principles

question 47

Multiple Choice

Generally accepted accounting principles

• A) are accounting adaptations based on the laws of economic science.
• B) derive their credibility and authority from legal rulings and court precedents.
• C) derive their credibility and authority from the federal government through the financial reporting section of the SEC.
• D) derive their credibility and authority from general recognition and acceptance by the accounting profession.

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Definitions:

Morality Stage

A phase in moral development characterized by changing beliefs and behaviors related to concepts of right and wrong.

Moral Decisions

Choices made based on distinguishing right from wrong and considering fairness, ethics, and the welfare of others.

Core Values

Fundamental beliefs or guiding principles that dictate behavior and action, often serving as a cultural cornerstone for organizations or individuals.

Ethical Dilemma

A situation where an individual faces a choice between two or more morally right or beneficial options, or the lesser of two evils, often involving a conflict of ethical principles.