Question

Accounting principles are "generally accepted" only when I. an authoritative accounting rule-making body has established it in an official pronouncement. II. a given practice has been accepted as appropriate because of its universal application. A.I only.B.II only.C.I or II.D.Neither I nor II.

Answer 1

C.I or II.

Step-by-step explanation:

• The accounting principles are generally adopted and accepted when the authority's rule-making body is established.

• The financial accounting standard board issues these standards set of principles and have been adopted by the US securities and exchange commission and is set up by the American institute of certified public accountants.

• This was later o replaced by the accounting principle board of 1959. And in 1973 the board was replaced by the financial accounting standard board under the supervision of the financial accounting board. With the advisory council serving as an input.