Which of the Following Is a Characteristic of Rules-Based Accounting

question 45

Multiple Choice

Which of the following is a characteristic of rules-based accounting standards?

• A)They are highly detailed.
• B)They rely heavily on judgment by management or the auditor.
• C)They are shorter than rules-based standards.
• D)They are required by Sarbanes-Oxley.

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Definitions:

Preoperational

A developmental stage in Jean Piaget's theory, characterized by symbolic thought and egocentrism, typically from ages 2 to 7.

Concrete Operational

A stage in Piaget's theory of cognitive development where children aged 7-12 years develop logical thinking but still struggle with abstract concepts.

Tertiary Circular Reactions

A cognitive developmental phase in Jean Piaget's theory, occurring around 12 to 18 months of age, during which infants begin to experiment and explore the properties of objects through novel actions.

Primary Circular Reactions

An early developmental phase in infants where they repeat pleasurable actions centered on their own body.