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2 years ago

The body of rules and procedures that guide the measurement and communication of financial accounting information is known as?

1 answer:

3 0

Generally Accepted Accounting Principles is the body of rules and procedures that guide the measurement and communication of financial accounting information.

Given that there is a body of rules and procedures that guide the measurement and communication of financial accounting information.

We are required to give the name of the body that guide the measurement and communication of financial accounting information.

The body that guide the measurement and communication of financial accounting information is Generally Accepted Accounting Principles.

Generally accepted accounting principles (GAAP) basically refer to a common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board . Public companies in the U.S. have to follow GAAP when their accountants compile their financial statements.

Hence Generally Accepted Accounting Principles is the body of rules and procedures that guide the measurement and communication of financial accounting information.

Learn more GAAP at brainly.com/question/17895474

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An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote e

GenaCL600 [577]

Answer:

Explanation:

1. True

Separation of record keeping for assets from custody over assets in custody over assets reduces theft and fraud . except in a case of collusion.

Fraud and theft of assets can be easily perpetrated and covered up when an individual combines the role.

2. False

Internal control focuses more on the internal operation of an organization rather than the external. Even though it can still be of impact in checking the excesses of external parties like the government agencies , but that is not its primary objective

3.True

Internal control's main objectives can be best accomplished when there is an operational system with managerial policies that protect waste , fraud and theft , being the major factors targeted to control

4.False

Separating the responsibility for a transaction between two or more individuals or departments is a major way of preventing creation of fictitious invoices and payment as it could have easily be detected if different individuals are involved in approval and payment of invoices.

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4 years ago

In the circular flow of income and spending, financial institutions …

sweet-ann [11.9K]

Answer:

1] act as an intermediary between those who have surplus funds and those who have deficit funds.

Explanation:

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3 years ago

Which piece of labor legislation applies specifically to airline workers today?

Westkost [7]

Answer:

The correct answer is: The Railway Labor Act.

Explanation:

The Railway Labor Act is a U.S. federal law originally passed in 1926 to control labor relations in railroad and airline industries. The act also aims to replace the industry employees' strikes for bargaining, arbitration, and mediation in front of labor-related issues.

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3 years ago

Which of the following is a unique feature of credit unions?

Mkey [24]

D) Both A & B
<span>a)Credit unions are typically owned and run by their members
</span><span>b)Credit unions limit membership to certain people or groups</span>

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3 years ago

Read 2 more answers

A real estate agent earned $4800commission on a property sale of $240 comma 000.What is her rate of commission?

dsp73

Answer:

Her rate of commission is 2 percent

Explanation:

Commission= $4800

Sale of property = $240,000

Rate of commission = (Commission/ Sale Of Property )* 100

Rate of commission= $ 4800/ $ 240,000 * 100

Rate of commission= 0.02 * 100

Rate of commission= 2%

The above solution can be checked by putting in the values of percent and commission

(Check)

2% of $ 240,000

= (2/100) * $ 240,000

= 2* $2400

= $ 4800

Thus 2 percent of $ 240,00 is equal to $ 4800

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4 years ago