Question: The term generally accepted means either that an authoritative rule-making body in accounting has created a reporting principle in a particular area or that, over

The term "generally accepted" means either that an authoritative rule-making body in accounting has created a reporting principle in a particular area or that, over time, a specific practice has been accepted as appropriate because it is used universally.TrueFalse

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

2. The roll-up schedule below outlines a maintenance project. After6 weeks on the project, the acual cost to date is $42,716.00. Basedon a review of the project, activities A, 8, and C are 100 compl...

Based on this: Standard SettingLEARNING OBJECTIVE 2Explain the need for accounting standards and identify the major entities that influence standard setting and financial reporting.Need for...

Topic: The Canadian Financial Reporting Environment Answer The Following Questions (get all 10 right for a positive review) Q1: Accurate, timely and fairly presented accounting information helps the...

Q3. All of the following are sources of pressure that change or influence the development of accounting principles and standards except: a. Industry associations b. Individual companies c. Securities...

In financial accounting, the term generally excepted means either that an authoritative rule making body in accounting has created a reporting principal in a particular area or that overtime a...

Auditing case study SOCIETE GENERALE: AN INSTRUCTIONAL CASE FOCUSING ON INTERNATIONAL ACCOUNTING AND AUDITING ISSUES Michael C. Knapp University of Oklahoma Carol A. Knapp University of Oklahoma...

Prepare the financial analysis to support your decision between bankruptcy,voluntary reorganization,and Chapter11reorganization.It must be complete and prepared in a professional level,with the...

Locate and review a copy of the budget accompanying your selected CAFR. Prepare a 700- to 1,050-word overview of the government that filed your selected CAFR. Include the following information in...

Write a 250-300 word section on governmental structure and size of budget and it interrelationship with the CAFR from the attached Middleton CT CAFR sheet. Comprehensive Annual Financial Report City...

Hello. Can you help with this four question problem? Case PRIVATE EQUITY CASE: MERGER CONSOLIDATION The questions below COMBINE the Ohio & Maryland PT acquisitions as if they are a single c Learning...

Review the Comprehensive annual financial report (CAFR) you obtained. 4. Were any of the government's enterprise funds "profitable" during the year? If so for what has the government done with the...

Find the argument form for the following argument and determine whether it is valid. Can we conclude that the conclusion is true if the premises are true? If Socrates is human, then Socrates is...

A survey of U.S. adults found that 11% think that Congress is a good reflection of Americans views. You randomly select 35 U.S. adults and ask them whether they think that Congress is a good...

09 03:03 Amnesty Program requirements include O a standard operating procedure (SOP). O anyone on base clearing amnesty boxes. O prosecution for personnel who turn in ammunition. O procedures to...

In Medical Sociology, we see that African-American males tend to live somewhat shorter lives than their male counterparts in various races. Based on researchers, what are some factors that may...