Which of the Following Has the Highest Level of Authority

question 21

Multiple Choice

Which of the following has the highest level of authority for a government under GAAP?

• A) A FASB standard.
• B) A GASB Implementation Guide.
• C) AICPA Industry Audit and Accounting Guide for local governments cleared by the GASB.
• D) An article in the Journal of Accountancy.

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Definitions:

Consumer Goods

Products and services that are purchased by individuals for personal use or consumption rather than for resale or manufacturing.

Capital Goods

Long-term assets used by businesses to produce goods and services, such as machinery, buildings, and equipment.

Technological Improvements

Enhancements and innovations in technology that increase productivity and efficiency in the production of goods and services.

Additional Resources

Extra materials, finances, or personnel added to assist in the achievement of objectives.