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:

Sucking

The action of drawing into the mouth by creating a partial vacuum, especially for extracting liquid.

Weaning

The process of gradually introducing an infant to solid food while reducing the frequency of breastfeeding or bottle-feeding.

Proximity-Seeking

Behavior aimed at reducing distance from a preferred individual or object, often observed in attachment contexts.

Contact-Maintaining

The act of keeping in touch or staying connected with others, especially in maintaining relationships over distance or time.