Which of the Following Is a Requirement for an Accounting

Multiple Choice

Which of the following is a requirement for an accounting principle to be called "generally accepted"?

A) An authoritative accounting rule-making body has established it in an official pronouncement.
B) The principle has been accepted as appropriate because of its universal application.
C) An authoritative accounting rule-making body has established it and it has been accepted because of its universal application.
D) None of the answer choices are correct.