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

The question provided does not require any calculations as it is conceptual in nature. Instead, it…

Answered: When does the industry specificity…

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...

See similar textbooks

Similar questions

When does the industry specificity...
?
what are disadvantages of national or international accounting uniformity?
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?
Which of the following accounting areas is NOT significantly affected by international activity? a. overhead allocation b. recognition principles c. auditing standards d. all are significantly affected
ans
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?
Is there an indirect consequence to a change in accounting policy? Introduce the methodology for reporting the indirect consequences of a change in accounting policy under International Financial Reporting Standards (IFRS).
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.
why is uniformity in accounting necessarily implies compariability?

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

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