GAAP stands for ________
A) gross annual acceptable profit
B) government associated accounting products
C) goodwill accounting associated practices
D) generally acceptable accounting principles
E) great accounting associate personnel
D
Explanation: D) Accountants in the United States follow a set of generally acceptable accounting principles (GAAP), which are standard accounting rules defined by the Financial Accounting Standard Board (FASB), an independent organization.
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a. is most conservative if applied to the total inventory. b. is most conservative if applied to major categories of inventory. c. is most conservative if applied to individual items of inventory. d. must be applied to major categories for taxes.
Oregon taxes any taxable IRA distribution received during the year.
a. true b. false