When Accounting Rules Are Left Up to Professional Associations Rather

question 19

Multiple Choice

When accounting rules are left up to professional associations rather than being legislated by governmental bodies,what is the likely result?

• A)Very general accounting rules are created,as in code law countries.
• B)Very detailed rules for practice are created,as in common law countries.
• C)Very general accounting rules are created,as in common law countries.
• D)Very detailed rules for practice are created,as in code law countries.

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Definitions:

Stadium Capacity

The maximum number of spectators that a stadium can accommodate during an event, determined by its physical size and safety regulations.

Full House

A term used in both real estate, to indicate a fully occupied building, and in poker, to describe a hand containing three cards of one rank and two of another.

Ticket Prices

the cost assigned to purchasing a ticket for an event, such as a movie, concert, or sporting event.

Price Inelastic

A description of a good or service's demand when its quantity demanded is relatively insensitive to changes in its price.