Generally Accepted Accounting Principles (GAAP) is a set of principle-based accounting standards

established by the Financial Accounting Standards Board (FASB).

Indicate whether the statement is true or false


FALSE

Business

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A bank borrows funds from its depositors by paying them 2% interest on the funds. It lends those funds to borrowers by charging an interest of 5% on the loans. The bank's spread is

A. 2 percent. B. 3 percent. C. 4 percent. D. 5 percent.

Business

Jesse has a health care plan that provides him with coverage that allows him to be involved in making decisions to help lower costs. This plan typically includes insurance with a high deductible, a medical savings account, and ongoing health education. Which type of health care plan is Jesse using?

A. health maintenance organization B. preferred provider organization C. managed care D. consumer-driven health plan E. flexible health plan

Business

The Public Company Accounting Oversight Board was established by the Reform Act

Indicate whether the statement is true or false

Business

Expert systems are NOT required to

A. explain solutions. B. formulate solutions. C. recognize problems. D. learn from experience. E. display emotions.

Business