Which of the Following Statements Is True About the Regulation

question 28

Multiple Choice

Which of the following statements is true about the regulation of accounting practice in its early period of development?

• A) Accounting was largely determined by accounting theory.
• B) Accounting was largely determined by accounting standards issued by the accounting profession.
• C) Accounting was largely determined by the national Securities and Exchange Commissions and resulting legislation.
• D) Accounting was largely determined by generally accepted practice.

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Definitions:

Informational Report

A document that presents data and facts, allowing the reader to be informed about a specific topic without providing analysis or recommendations.

Recommendations Section

A segment in a document or report that provides advice or suggests actions based on the analysis or findings presented.

Conclusions Section

The part of a document or presentation that summarizes the key findings, implications, and recommendations based on the discussed material.

Collected Data

Information that has been gathered through observation, experimentation, surveys, or other methodologies for analysis and decision-making.