Secondary sources of GAAP should be evaluated on
A) acceptance of the source by industry professionals.
B) the specificity of the source only.
C) the continued relevance of the source only.
D) the specificity of the source & the continued relevance of the source.
E) None of these answers are correct.

Question

Quizplus · Accepted Answer

Both the specificity and continued relevance of the source should be considered when evaluating secondary sources of GAAP. Specificity ensures that the guidance provided is relevant to the specific situation at hand, while continued relevance ensures that the source is still applicable in the current accounting environment. Acceptance by industry professionals may be a consideration, but it is not the most important factor.

Secondary Sources of GAAP Should Be Evaluated on