Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik

Exercise 42

What was the significance of the controversy in 1977 over the appropriate accounting principles to be used by oil- and gas-producing companies
A) Several major lawsuits resulted.
B) Companies refused to follow the SEC's dictates.
C) Partners of a major accounting firm were indicted on criminal charges.
D) The SEC overruled the FASB on its handling of this matter.