What was the significance of the controversy in 1977 over the appropriate accounting principles to be used

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What was the significance of the controversy in 1977 over the appropriate accounting principles to be used by oil- and gas-producing companies?

  a. Several major lawsuits resulted.
  b. Companies refused to follow the SEC’s dictates.
  c. Partners of a major accounting firm were indicted on criminal charges.
  d. The SEC overruled the FASB on its handling of this matter.

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Advanced Accounting

ISBN: 978-1259444951

13th edition

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni

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