Why Is Accounting Conservatism NOT a Basic Principle Underlying Accounting

question 72

Multiple Choice

Why is accounting conservatism NOT a basic principle underlying accounting standards in the People's Republic of China?

• A)It is perceived to manipulate accounting numbers for the benefit of owners by exploiting workers.
• B)It too closely reflects the views of the masses, which are not considered in establishing accounting standards.
• C)Conservatism has been shown to cause economic hardship for companies operating in China.
• D)Conservatism overstates assets, which is perceived to distort financial results.

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Definitions:

Mutually Satisfying Resolution

A solution to a conflict or problem that all parties involved agree upon and benefit from.

Conciliator

An individual who facilitates the settlement of disputes by encouraging parties to reach an amicable agreement.

Arbitrator

An independent person or body officially appointed to settle a dispute.

Litigation Process

The series of actions taken to pursue a legal case in court, from filing the initial complaint to the final judgment.