According to Violet (1983),accounting Cannot Be Considered to Be Culture-Free

question 18

Multiple Choice

According to Violet (1983) ,accounting cannot be considered to be culture-free.Which of the following does not explain what Violet means by this?

• A) Accounting is a social institution and, as such, has integrated certain cultural customs and elements within it.
• B) Accounting is an independent component of culture.
• C) Accounting is a product of culture, and contributes to the evolution of the culture which employs it.
• D) Since accounting is culturally determined, other cultural customs, beliefs and institutions influence it.

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Definitions:

Investment Classifications

The categorization of investment assets based on their characteristics, risks, and potential returns, such as stocks, bonds, and real estate.

Gain or Loss

Gain or loss refers to the financial result from the sale of a capital asset, where a gain occurs if the sale price exceeds the purchase cost, and a loss occurs if the sale price is below the purchase cost.

Sales Price

The amount of money that a buyer pays to purchase a product or service.

Net Proceeds

Net Proceeds refer to the amount of money received from a sale or transaction after all fees, expenses, and costs have been deducted.