AS 1301 Specifies That Only Critical Accounting Policies and Practices

question 18

True/False

AS 1301 specifies that only critical accounting policies and practices must be communicated to the audit committee.

---

Definitions:

Albert Bandura

was a Canadian-American psychologist known for his work on social learning theory and the concept of self-efficacy.

Barnum Effect

The tendency to accept vague and general personality descriptions as highly accurate for oneself.

External Locus

A psychological term indicating when individuals believe that external forces or events control their life outcomes, rather than their own efforts.

Self-Serving Bias

A common cognitive bias that causes individuals to attribute their successes to internal factors and failures to external factors.