Which of These Is Not One of the Ways AASB

question 16

Multiple Choice

Which of these is not one of the ways AASB 108 'Accounting Policies' deals with the choice of accounting methods?

• A) By establishing a hierarchy of authorities
• B) By specifying particular policies to be used in certain situations
• C) By specifying the qualitative characteristics that financial information should have
• D) None of the above, i.e., all are ways in which AASB 108 deals with the choice of accounting methods

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Definitions:

Prohibition

The period from 1920 to 1933 in the United States when the manufacture, sale, and transportation of alcoholic beverages were illegal, as mandated by the 18th Amendment and the Volstead Act.

Fordney-McCumber Tariff

A set of tariffs introduced in 1922 that raised American import duties to protect factories and farms, leading to increased international trade tensions.

Free Trade

An economic policy that allows goods and services to be traded across borders without tariffs, quotas, or other restrictions.