Disadvantage of Principles-Based Standards Is

question 4

Multiple Choice

Disadvantage of principles-based standards is:

• A)They supply broad guidelines.
• B)They allow mangers to select policies that may not reflect the substance of a transaction.
• C)They allow accountants to use professional judgement.
• D)All of the above.

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Definitions:

Summarizing Information

The process of condensing important points from a larger body of work into a concise and comprehensive overview.

Left-Brain Dominant

Describes individuals who tend to be more analytical, logical, and detail-oriented, often attributed to the left hemisphere's dominance in these functions.

Mind Map

A visual diagram that organizes information hierarchically and shows relationships among pieces of the whole, often used for brainstorming or planning.

Visual Learner

An individual who understands and retains information more effectively when it is presented in a visual format.