Secondary Sources of GAAP Should Be Evaluated on

question 51

Multiple Choice

Secondary sources of GAAP should be evaluated on

• A) acceptance of the source by industry professionals.
• B) the specificity of the source only.
• C) the continued relevance of the source only.
• D) the specificity of the source & the continued relevance of the source.
• E) None of these answers are correct.

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Definitions:

Economically Viable

The ability of an entity, project, or product to generate profit or financial benefits exceeding its costs over a period.

Industrial Revolution

The period of major industrialization that took place during the late 1700s and early 1800s, changing economies, societies, and cultures through the introduction of machinery.

Improved Standards

Enhancements or upgrades to guidelines, practices, or benchmarks that elevate the quality and efficiency of processes, products, or systems.

Technology

Technology encompasses the collection of tools, machines, modifications, arrangements, and procedures used by humans to solve problems, perform tasks and achieve specific objectives.