An Accounting Practice Can Become a "Generally Accepted Accounting Principle

question 116

True/False

An accounting practice can become a "generally accepted accounting principle" through widespread use,even if the practice is not mentioned in the official pronouncements of the accounting standard-setting organizations.

---

Definitions:

Highly Compassionate

Describes individuals who exhibit a deep awareness and sensitivity towards the suffering of others, coupled with a desire to alleviate it.

False Consensus Effect

The tendency to overestimate the extent to which others share our beliefs, attitudes, and behaviors.

Projection

a defense mechanism where individuals attribute their own unwanted thoughts, feelings, or motives to another person.

Personal Growth

The process of improving oneself through such means as enhancing personal skills, competencies, and self-awareness.