Complete the Following Table

question 143

Essay

Complete the following table. Provide a brief description of the literature included for each level of the U.S. GAAP Literature Hierarchy.
$$\begin{array} { | l | l | } \hline \text { Level } & \text { Brief description } \\\hline \text { Level 1 } & \\\hline \text { Level 2 } & \\\hline \text { Level 3 } & \\\hline\end{array}$$

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Definitions:

Dicta

Comments, examples, or explanations provided by a judge in a legal opinion that are not necessary to the decision and thus not legally binding as precedent.

Legally Binding

Refers to an agreement or contract that is enforceable by law, where all involved parties are obligated to fulfill the terms.

Court Opinion

A formal statement written by a judge or a court of law detailing the reasoning behind a verdict in a case.

Dicta

Comments made by a judge in a court opinion that are not essential to the decision and therefore not legally binding as precedent.