Which of the Following Statements Is True About Accounting Measurements

question 16

Multiple Choice

Which of the following statements is true about accounting measurements such as profits and assets?

• A) They are subject to professional judgment.
• B) They would not vary if prepared by different accountants, providing they were based on the same set of accounting standards.
• C) They are based on hard, objective, evidence.
• D) All of the given options are correct.

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Definitions:

Tariff

A tax imposed on imported or, less commonly, exported goods, used to regulate trade and protect domestic industries.

Import Quota

A government-imposed limit on the quantity of a certain good that can be imported into the country over a specified period.

Tax On Imports

A financial charge imposed by a government on goods imported into a country to regulate trade and raise revenue.

Export Restriction

Export restriction is a policy imposed by governments to limit or control the export of certain goods, services, or technology, often for political, economic, or environmental reasons.