In the Absence of Specific GAAP Guidance, an Entity Should

Multiple Choice

In the absence of specific GAAP guidance, an entity should adopt accounting policies that are i. consistent with specific GAAP guidance.
Ii) consistent with the most conservative reporting choices.
Iii) collaboratively developed with the assistance of all business units.
Iv) developed through exercising professional judgement and applying the conceptual framework.

A) i, ii, and iii
B) i and iii
C) i and iv
D) ii and iv