Generally accepted accounting principles are: A. general rules for accounting for transactions occurring in a business enterpri
se established by the PCAOB. B. specific rules for accounting for transactions occurring in a business enterprise established by FASB. C. specific rules for accounting for transactions occurring in a business enterprise established by the SEC. D. general rules for accounting for transactions occurring in a business enterprise established by the AICPA.
B. specific rules for accounting for transactions occurring in a business enterprise established by FASB.
Explanation:
An accounting principle is an axiom of doctrines and theories relating to accounting disciplines and is therefore unchanging in time and space. As accounting practice and accounting science were organized and structured, researchers sought to identify and compile the guiding principles, in particular the function of recording all facts affecting an entity's assets. Accounting principles have become rules to be followed and accepted by everyone, and today they constitute the main theory that underpins and underlies accounting.
Generally accepted accounting principles are specific rules for accounting for transactions that occur in a company established by the FASB.
A carryover clause actually provides for seller to pay the full commission to broker for any sale to some liable registered prospects within a period of time, after the contract is terminated.
In the Schenck v. United States case, the US Supreme Court decided that the First Amendment could be restricted if the words spoken or printed represented a clear and present danger to society. Because of that, freedom of speech is not an absolute right, the government could restrict speech if the the words mean a clear and present danger to society.
