Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 1 - Financial Accounting and Accounting Standards - Review and Practice - Questions - Page 22: 12


While defining generally accepted accounting principles/standards, some of the essential characteristics that should not be left out include; substantial authoritative support, they include accounting practices, theories, procedures, concepts as well methods and how they are all largely recognized by a majority of practicing accountants.

Work Step by Step

Additionally, its important to point out the fact that; bulletins issued by the committee on the various accounting Procedure, opinions rendered by the Accounting Principle Board as well statements issued by the Financial Accounting Standards Board constitute the very "substantial authoritative support."
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