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.

---

Definitions:

Long-Term Influence

The impact or effect that persists over an extended period.

Reactive Bullying

Bullying behavior that is conducted as a reaction to being bullied first; the victim becomes the aggressor as a form of retaliation.

Lunch

A midday meal typically eaten between breakfast and dinner, varying in composition depending on cultural norms.

Oppositional Defiant Disorder

A behavioral disorder in children characterized by defiant, disobedient, and hostile behaviors towards authority figures.