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:

Provisions

Supplies of food, drink, equipment, and other necessities, especially for a journey, military campaign, or period of scarcity.

American Policy

Refers to the set of laws, regulations, and guidelines adopted by the government of the United States to govern domestic and foreign affairs.

Philippines

A Southeast Asian country in the Western Pacific, comprising more than 7,000 islands, known for its waterfront promenade, colonial architecture, and diverse culture and history.

1898

Marked significant events such as the Spanish-American War, leading to the U.S. acquiring territories like Puerto Rico, Guam, and the Philippines.