What Is the Likely Result When Accounting Rules Are Left

question 12

Multiple Choice

What is the likely result when accounting rules are left up to professional associations rather than being legislated by governmental bodies?

• A) Very general accounting rules are created, as in code law countries.
• B) Very detailed rules for practice are created, as in common law countries.
• C) Very general accounting rules are created, as in common law countries.
• D) Very detailed rules for practice are created, as in code law countries.

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Definitions:

Intrusive Area

An intrusive area is a region where igneous rocks have crystallized from magma intruding into the Earth's crust but have not erupted onto the surface.

Source Area

The geographic location where the materials of a sedimentary rock were derived from.

Radioactive Decay

The process by which an unstable atomic nucleus loses energy by emitting radiation, leading to a change in the number and/or arrangement of its protons and neutrons.

Conduction

The direct transfer of heat or electricity through a substance when there is a temperature or electrical potential difference.