Which of the following is a source of nonauthoritative accounting guidance and literature?
A)Financial Accounting Standards Board Statements
B)Financial Accounting Standards Board Interpretations
C)Financial Accounting Standards Board Technical Bulletins
D)Practices that are widely recognized and prevalent either generally or in the industry

Question

Quizplus · Accepted Answer

Practices that are widely recognized and prevalent either generally or in the industry are a source of nonauthoritative accounting guidance and literature. The other choices (A, B, and C) are all examples of authoritative accounting guidance and literature issued by the Financial Accounting Standards Board (FASB).

Which of the Following Is a Source of Nonauthoritative Accounting