One of the Advantages of Principles-Based Standard Is

question 19

Multiple Choice

One of the advantages of principles-based standard is:

• A) They allow for no professional judgement
• B) They are generally simpler
• C) They do not improve representational faithfulness of financial statements
• D) None of the above

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Definitions:

Cones

Cones are photoreceptor cells in the retina of the eye responsible for color vision and functioning best in relatively bright light.

Retina

A layer of cells located at the back of the eye, responsible for converting light into neural signals that can be processed by the brain to produce visual images.

Cones

Photoreceptor cells in the retina of the eye responsible for color vision and functioning best in relatively bright light.

Rods

Visual sensory receptors found at the back of the retina, responsible for noncolor sensitivity to low levels of light.