Which of the following is not recognized as a source of generally accepted accounting principles?
A)Widespread and long-term use of a particular practice.
B)The Financial Accounting Standards Board (FASB).
C)TheSecurities and Exchange Commission (SEC).
D)Statements of the Committee of Sponsoring Organizations (COSO).

Question

Quizplus · Accepted Answer

While the statements of the Committee of Sponsoring Organizations (COSO) are widely recognized and used in accounting practice, they are not considered to be a source of generally accepted accounting principles. The other choices, such as the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC), are recognized sources of GAAP.

Which of the Following Is Not Recognized as a Source