An Accounting Principle Must Receive Substantial Authoritative Support to Qualify

question 50

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) Tax authorities.
• B) Institute of Management Accountants.
• C) Financial Accounting Standards Board.
• D) New York Stock Exchange.

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Definitions:

Family Function

Refers to the various roles that family members play, their relationships to each other, and how they work together to fulfill emotional, economic, and social needs.

Family Functions

The roles families perform to meet the physical, emotional, and social needs of their members, such as nurturing, protection, and socialization.

Resilient

The ability to quickly recover from difficulties or spring back into shape; emotional strength in facing stress or hardship.

Migration

The movement of people from one place to another with intentions of settling, permanently or temporarily, at a new location.