According to APB Statement 4, basic accounting terminology is defined by whatever is being done in practice.

Name: According to APB Statement 4, basic accounting terminology is defined by whatever is being done in practice.
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Quizplus · Accepted Answer

APB Statement 4 defines accounting terminology as whatever is being done in practice, rather than providing a set definition for all terms. Therefore, basic accounting terminology is defined by how it is commonly used in the field.

According to APB Statement 4, Basic Accounting Terminology Is Defined