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Tomtit [17]
2 years ago
15

Generally Accepted Accounting Principles are a. theories that are based on physical laws of the universe. b. principles that hav

e been proven correct by academic researchers. c. income tax regulations of the Internal Revenue Service. d. standards that indicate how to report economic events
Business
1 answer:
Ket [755]2 years ago
7 0

Answer:

d. standards that indicate how to report economic events

Explanation:

GAAP is the set of standards, principles and procedures which tells us that how to report any econmic event to the other stakeholders of the oraganization. It is issued by the Financial Accounting standard board (FASB). So, the correct option is d. standards that indicate how to report economic events.

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After reading the paragraph below, answer the question that follows. Americans spend up to $100 billion annually for bottled wat
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Internal control does not consist of policies and procedures that
kotegsom [21]

Answer:

d.guarantee the company will earn a profit

Explanation:

Internal controls are controls put in place by management to mitigate against identified risk. Risk basically  refers to what could go wring in a process. Controls are put in place to mitigate against the risk of error or fraud and do not necessarily prevent the company from making a loss.

Companies make profit or loss based on management's decisions such as where to invest, what time to invest, introduction of a new product, management of cost of sales and operating expenses etc

Internal controls basically consist of policies and procedures that ensure that the company's asset are not misused (fraud), no misrepresentation of revenue (fraud), employees and managers comply with laws and regulations,  business information is accurate ( no misrepresentation of records due to error) etc.

Hence Internal control does not consist of policies and procedures that guarantee the company will earn a profit.

The right option is d.

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