When a Standard Restricts the Number of Accounting Methods to Be

question 39

Multiple Choice

When a standard restricts the number of accounting methods to be used to account for a particular accounting issue,it is promoting the qualitative characteristic of ______________?

• A) timeliness
• B) prudence
• C) understandability
• D) comparability

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Definitions:

Anti-Piracy Agreements

Contracts or treaties between entities aimed at preventing unauthorized reproduction or distribution of copyrighted material.

Shipping Concerns

Issues or problems related to the transport of goods, such as delays, damage, or loss during transit.

International Waters

Refers to areas of the ocean outside any nation's territorial jurisdiction, where no state has sovereign rights.

Risk Of Loss

The potential for an investment or transaction to result in a financial loss.