Which of the following is not considered a component of generally accepted accounting principles?
A) FASB Implementation Guides.
B) Widely recognized industry practices.
C) Articles published in CPA journals.
D) AICPA Accounting Interpretations.

Question

Quizplus · Accepted Answer

Articles published in CPA journals are not considered a component of generally accepted accounting principles (GAAP). GAAP is a collection of commonly-followed accounting rules and standards for financial reporting. The inclusion of articles from CPA journals would not fit into the formal structure or authoritative nature of GAAP.

Which of the Following Is Not Considered a Component of Generally