Which of the following is least likely to be a source of accounting concepts and principles? a. The Standards (i.e., IFRS) b. The Conceptual Framework for Financial Reporting c. Th... Which of the following is least likely to be a source of accounting concepts and principles? a. The Standards (i.e., IFRS) b. The Conceptual Framework for Financial Reporting c. The general acceptance and long-time use in practice d. Laws enacted by the Congress
Understand the Problem
The question is asking to identify which option is least likely to be a source of accounting concepts and principles among the provided choices.
Answer
Laws enacted by the Congress
The final answer is d. Laws enacted by the Congress
Answer for screen readers
The final answer is d. Laws enacted by the Congress
More Information
Laws enacted by Congress are not typically a source for accounting concepts and principles. Instead, accounting principles are primarily derived from established standards, frameworks, and practices within the accounting profession.
Tips
A common mistake is to assume that any legislative body would directly establish accounting principles, but these principles are usually developed by specific accounting standard-setting boards.
Sources
- Which of the following is LEAST likely to be a source of accounting ... - coursehero.com
- Which of the following is least likely to be a source of an accounting concept? - studocu.com
- CHAPTER 2 PROBLEM 2 TRUE OR FALSE - coursehero.com
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