An Accounting Principle Must Receive Substantial Authoritative Support to Qualify

question 82

Multiple Choice

An accounting principle must receive substantial authoritative support to qualify as generally accepted.Among the organizations and agencies that have been influential in the development of generally accepted accounting principles,which of the following has provided the most influential leadership?

• A)Internal Revenue Service.
• B)Institute of Management Accountants.
• C)Financial Accounting Standards Board.
• D)New York Stock Exchange.

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Definitions:

Succession Planning

The strategy of identifying and developing internal personnel with the potential to fill key business leadership positions in the organization.

Replacement Planning

A part of succession planning focused on identifying and preparing suitable employees to replace key positions within an organization.

Managerial Positions

Roles within an organization that involve oversight, decision-making, and leadership responsibilities over teams or departments.

Transactional Contract

A formal agreement between parties that is focused on the exchange of goods or services without implying a deeper relationship or long-term commitment.