What Reasons Have Been Given by the Institute of Chartered

question 75

Multiple Choice

What reasons have been given by the Institute of Chartered Accountants in England and Wales (ICAEW) for following a principles-based approach in setting accounting standards?

• A)Lawmakers and standard setters cannot anticipate every situation.
• B)Accountancy profession should be about exercising judgment and integrity.
• C)The profession needs to attract people of high intellect.
• D)All of the above

---

Definitions:

GDP

Gross Domestic Product, the total value of all goods and services produced within a country over a specific time period.

Employment Opportunities

Available job positions that individuals can apply for within the labor market.

Productivity

A measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs.

Human Capital

The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.