Assume That Authoritative Support Regarding GAAP for a Particular Transaction

question 25

Multiple Choice

Assume that authoritative support regarding GAAP for a particular transaction is needed.A correct hierarchy of authority to be followed (highest, second, third) would be

• A)FASB Statements, AICPA Accounting Interpretations, FASB Technical Bulletins
• B)FASB Technical Bulletins, AICPA Accounting Interpretations, FASB Statements
• C)AICPA Accounting Interpretations, FASB Technical Bulletins, FASB Statements
• D)FASB Statements, FASB Technical Bulletins, AICPA Accounting Interpretations

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Definitions:

Query

A request for data or information from a database or information system that generates a specific set of results based on the parameters of the request.

Foreign Key

A column or set of columns in a database table that provides a link between data in two tables, enforcing referential integrity.

Calculated Field

A field in databases or spreadsheets that gets its value from the formula or expression defined by other fields.

Relational Databases

A database design that identifies the relationships between stored data elements.