Which of the Following Is Not a Criticism of Ideal

question 96

Multiple Choice

Which of the following is not a criticism of ideal standards?

• A)Product quality may decline if standards are not met.
• B)Employee morale will suffer if standards are not met.
• C)Employees may take shortcuts in order to meet the standards.
• D)All of these ans choices are criticisms of ideal standards.

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Definitions:

Future Economic Benefits

Refers to potential benefits to be received by an entity from its assets, contributing to its revenue.

IFRS

International Financial Reporting Standards, a set of accounting rules and standards for financial reporting that provide a common global framework.

Immaterial Errors

Small mistakes in financial statements that are not significant enough to impact users' decisions, hence not requiring correction for fair presentation.

Bottom Line Earnings

Bottom line earnings refer to a company’s net earnings or net income, representing the "bottom line" of the income statement, indicating profit after all expenses have been deducted.