Answer
While defining generally accepted accounting principles/standards, some of the essential characteristics that should not be left out include; substantial authoritative support, they include accounting practices, theories, procedures, concepts as well methods and how they are all largely recognized by a majority of practicing accountants.
Work Step by Step
Additionally, its important to point out the fact that; bulletins issued by the committee on the various accounting Procedure, opinions rendered by the Accounting Principle Board as well statements issued by the Financial Accounting Standards Board constitute the very "substantial authoritative support."
