Which of the Following Statements Is Not True for Accountants

question 2

Multiple Choice

Which of the following statements is not true for accountants in general?

• A) They should be objective and free from bias when performing their duties
• B) The information they report should represent faithfully the underlying transactions and events
• C) Adopt different accounting methods to suit their own needs, and the needs of the company
• D) None of the given options are correct

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Definitions:

Underapplied

A situation where the allocated overhead cost is less than the actual overhead cost incurred.

Work in Process Account

An account used in accounting to track the costs associated with the production of goods that are not yet complete.

Ending Balance

The amount of money in an account at the end of a period, after all additions and subtractions have been accounted for.

Finished Goods Inventory

The stock of completed products that are ready to be sold but have not yet been sold to consumers.