Which of the Following Is a Requirement for an Accounting

question 65

Multiple Choice

Which of the following is a requirement for an accounting principle to be called "generally accepted"?

• A) An authoritative accounting rule-making body has established it in an official pronouncement.
• B) The principle has been accepted as appropriate because of its universal application.
• C) An authoritative accounting rule-making body has established it and it has been accepted because of its universal application.
• D) None of the answer choices are correct.

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Definitions:

Population Variances

A measure of the dispersion or spread of the entirety of data points in a population.

Student-t

A distribution that looks similar to the normal distribution but has thicker tails, used especially in scenarios of small sample sizes.

Confidence Interval

A tract of values derived by statistical analysis of samples, thought to potentially include the value of a population parameter not yet known.

Sample Variances

A measure of dispersion calculated from a sample of a population, representing the average of the squared deviations from the sample mean.