A Question $11(6\mathrm{.}67$ points$)$ Retake question

Which of the following is a requirement for an accounting principle to be considered

"generally accepted"?

A$)$ Each company develops its own standards.

B$)$ The principle has been accepted as appropriate because of its universal

application.

C$)$ An authoritative accounting rule$-$making body has established it in an official

pronouncement.

D$)$ An authoritative accounting rule$-$making body has established it and it has

been accepted because of its universal application.