Accounting principles initially drew their authority from acceptance by the business community.

Question

Quizplus · Accepted Answer

Accounting principles were originally developed and accepted by the business community to ensure consistent and reliable financial reporting. Over time, these principles have been codified into formal accounting standards, such as GAAP and IFRS, and regulated by accounting boards and government agencies to ensure compliance and transparency in financial reporting.

Accounting Principles Initially Drew Their Authority from Acceptance by the Business