In a Rules-Based Approach (Such as U

question 411

Multiple Choice

In a rules-based approach (such as U.S.GAAP) , compared to a principles-based approach (such as Canadian GAAP) ,

• A)the body of knowledge is smaller.
• B)the importance of communicating the best information to users is emphasized.
• C)since it is more prescriptive, it may be easier to defend how to account for a particular
• Item.
• D)companies frequently do not interpret the rules literally.

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Definitions:

Physically Close

Proximity in space, being near to someone or something in distance.

Emotionally Close

A state of being deeply connected to another person on an emotional level.

Daughters

Female offspring in relation to their parents.

Sons

Male offspring or children of parents.