Which of the Following Is Not a Reason Why ARS

question 67

Multiple Choice

Which of the following is not a reason why ARS 1 and ARS 3 fell short of the goal of obtaining a framework for APB accounting opinions?

• A)The authors refused to abandon historical cost.
• B)The postulates were not complete and therefore could not exclude all value systems other than the one prescribed in the principles.
• C)At least one of the principles was not derived from any of the postulates.
• D)The question of whether valuations of various assets were additive became an issue.

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Definitions:

Inelastic Demand

A situation in which the demand for a product does not significantly change in response to price changes, often because there are few or no substitutes available.

Antidrug Policy

Government or organizational policies aimed at reducing the production, distribution, and consumption of illegal drugs.

Street Crime

Refers to criminal acts that occur in public places such as theft, vandalism, assault, and robbery.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that sellers are willing to offer for sale, holding other factors constant.