Significant Accounting Policies May Not Be

question 13

Multiple Choice

Significant accounting policies may not be

• A) selected on the basis of judgment.
• B) selected from existing acceptable alternatives.
• C) unusual or innovative in application.
• D) omitted from financial-statement disclosure.

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Definitions:

External Environment

The factors or conditions outside an organization that affect its operations and performance, including political, economic, social, and technological aspects.

Design Competitions

Contests and challenges where individuals or teams compete to create solutions or products according to specific criteria and constraints.

Crowdsourcing

The practice of obtaining information, ideas, or input into a task or project by enlisting the services of a large number of people, typically via the internet.

Creative Deviance

The act of intentionally deviating from norms to produce novel and useful ideas or products.