Which of the Following Accurately Reflects Chinese Accounting

question 17

Multiple Choice

Which of the following accurately reflects Chinese accounting?

• A) The accounting equation has replaced the communist fund accounting approach in the standard setting process.
• B) There are no significant legal requirements due to the adherence to a flexible approach to accounting.
• C) The only purpose of accounting is national macroeconomic control.
• D) Due to previous state control, there is an abundance of accountants.

---

Definitions:

Cognitive Dissonance

A psychological discomfort experienced when simultaneously holding two or more conflicting beliefs, ideas, or values.

Self-Serving Bias

A common cognitive bias where individuals attribute their successes to internal factors while blaming external factors for their failures.

Cognitive Component

Refers to the beliefs, thoughts, and knowledge that influence how an individual understands and interacts with the world.

Affective Component

Pertains to the emotional aspect of attitudes, reflecting feelings or emotions related to an object, person, or event.