Which of the Following Is Not Recognized as a Source

question 79

Multiple Choice

Which of the following is not recognized as a source of generally accepted accounting principles?

• A) Widespread and long-term use of a particular practice.
• B) The Financial Accounting Standards Board (FASB).
• C) The American Institute of Certified Public Accountants (AICPA).
• D) Statements of the Committee of Sponsoring Organizations (COSO).

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Definitions:

Partnership Interest

The share or portion of a partnership owned by one of the partners, including rights to its profits.

Capacity at Law

The ability of an entity or individual to enter into legally binding contracts and to sue or be sued.

Shares in Property

Refers to the ownership interest or equity that individuals can have in real estate or other forms of property, often implying joint ownership or investment.

Vancouver Credit Union

A financial institution that is member-owned, offering banking services like savings and loans, principally located in Vancouver.