Accounting principles are "generally accepted" only when

I. an authoritative accounting rule$-$making body has established it in an official pronouncement.

II$.$ a given practice has been accepted as appropriate because of its universal application.

I only.

II only.

I or II$.$

Neither I nor II$.$Which of the following generally provides a better indication of an enterprise's present and continuing ability to generate favorable

cash flows?

Managerial basis accounting.

Cash basis accounting.

Accrual basis accounting.

Financial basis accounting.