Hii please somebody help me with this When does the industry specificity principleoverride general accounting practices?a) General rulesindustriesapply equally to allb) Unique sectorcharacteristicsdemandspecialized treatmentc) Standard practices never need modificationd) Industry customs have no accounting impact

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter1: Accounting As A Tool For Managers

Section: Chapter Questions

Problem 10MC: Which of the following statements is incorrect? The practice of management accounting is fairly...

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Accounting Theoretical Question. In developing accounting policies, what weight should be given to industry-specific practices versus general accounting principles? Examine the tension between standardization and specialized reporting needs. Where should accountants draw the line between conformity and customization? How might this balance affect the comparability of financial information across industries?
Identify a limitation to using ratio analysis when examining companies reporting under different accounting systems such as IFRS versus U.S. GAAP.
Why do specialized industry accounting practices develop?
Which of the following statements is incorrect? The practice of management accounting is fairly flexible. The information gathered from management accounting is not required by law. Management accounting focuses mainly on the internal user. Reports produced using management accounting must follow GAAP.
How do the subject matter of reports and the verification of reports differ between financial accounting and managerial accounting?
How do differences in accounting controls and enforcement impact accounting reports prepared across different countries?
?
What does Accounting harmonization mean? Differentiate harmonization from convergence or adoption. Explain few benefits of global adoption of IFRSs.
Drawing on your background in accounting, can you think of any accounting procedure differences that might make it difficult to compare the relative performance of different firms?
Which of the following statements is not applicable to revenue recognition guidance under ASC Topic 606? Firms must disaggregate revenues into categories that depict how revenue is affected by economic factors. The standard applies a minimum number of categories that must be provided. Disaggregated revenues are to be disclosed in a note to the financial statements. Revenue may be disaggregated by geographic region.
accounting standards for each country differ due to the unique environments that have developed over time. So then, why is it important to discard these cultural differences (which are very important to the culture's identity) to develop uniform accounting rules and principles (i.e. IFRS)?
When a change in accounting policy occurs, what is the indirect effect? Briefly discuss the technique used by the International Financial Documenting Standards (IFRS) to reporting the indirect consequences of a change in accounting policy.

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When does the industry specificity principle override general accounting practices? a) General rules industries apply equally to all b) Unique sector characteristics demand specialized treatment c) Standard practices never need modification d) Industry customs have no accounting impact