Generally Accepted Accounting Principles include:
1) FASB Techincal Bulletins
2)APB Opinions
3) Widely-Accepted attention practices
These 3 equipment arrange from many authorative to slightest as follows:
A) 1-2-3
B) 1-3-2
C) 2-1-3
D) 2-3-1
I am meditative it is B though not anticipating the answer in the book…please help
{ 2 comments… read them below or add one }
This is my guess – C. The APB’s are the oldest but they are OPINIONS which I believe is greater than FASB technical bulletins. Widely accepted practices has to be dead last.
I would guess 1-3-2 also but everything is supposedly in the codification now.
FASB is definitely number one and I would doubt APB would ever override widely accepted industry practices. I would think APB would issue opinions on instances which are not so clear such as industry specific things.