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) The American Institute of Certified Public Accountants (AICPA).
D) Statements of the Committee of Sponsoring Organizations (COSO).

Question

Quizplus · Accepted Answer

While the Statements of the Committee of Sponsoring Organizations (COSO) provides guidance on internal control and risk management, it is not recognized as a source of generally accepted accounting principles (GAAP). The sources of GAAP include the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA), among others.

Which of the Following Is Not Recognized as a Source