Which Statement Describes the Accounting Profession During the First Few

question 32

Multiple Choice

Which statement describes the accounting profession during the first few years of the 21st century?

• A) It focused mainly on helping firms improve the quality and accuracy of the financial information provided to stakeholders.
• B) It was recognized as the most ethical of all the business professions.
• C) It suffered a loss of jobs as computerized systems did away with the need for professional accountants.
• D) It was embarrassed by a series of scandals that seemed to suggest a serious decline in accounting standards.

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Definitions:

Planning Horizon

The time period over which a plan, projection, or decision is expected to unfold or have an impact.

Natural Gas

A fossil fuel composed mainly of methane, used as an energy source for heating, cooking, and electricity generation.

Wage Rate

The wage rate is the standardized amount of money paid for a specific unit of time worked, such as hourly or weekly rates, often determined by market forces or agreements.

Marginal Product

The additional output produced as a result of increasing one more unit of a single input, holding all other inputs constant.