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Identify the level of the literature hierarchy for U.S. GAAP to which each item belongs. Authoritative Literature a. Industry practice b. FASB Concept Statements c.

Identify the level of the literature hierarchy for U.S. GAAP to which each item belongs. Authoritative Literature a. Industry practice b. FASB Concept Statements c. Codification d. Textbooks e. Authoritative rules and principles from U.S. GAAP for similar transactions f. International Financial Reporting Standards (IFRS) g. SEC rules and interpretive releases Level 1, 2, or 3

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