When does the industry specificity... When does the industry specificity principleoverride general accounting practices?a) General rulesindustriesb)Unique sectorapply equally toallcharacteristicsdemandspecialized treatmentc) Standard practices never need modificationd) Industry customs have no accounting impact

Explanation of Industry Specificity Principle:The industry specificity principle recognizes that…

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...

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Similar questions

Which of the following is not about harmonization? Select one: a. Harmonization is a process of increasing the compatibility of accounting practices. b. Harmonization simply implies uniformity. A c. Harmonization is tailored towards breaking the barriers of national differences. d. Harmonization is a process of preparing financial statements.
what are disadvantages of national or international accounting uniformity?
Which factor explaining why accounting practices differ across countries do you think is most important? Explain why.
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?
In what ways does revenue recognition differ from other financial accounting practices?
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?
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).
Management reports: Multiple Choice Must follow a set of rules specified by Generally Accepted Accounting Principles Must follow the rules specified by the Internal Revenue Service Must follow the rules specified by vendors Do not have to follow a specified set of rules
What is an externality, and why do financial accounting practices typically ignore externalities?
Which one of the following statements is false? O A. Management accounting reports tend to be specific. O B. Management accounting reports are produced as often as required. O C. Management accounting reports are subjected to the principles and practices of GAAP. O D. Management accounting reports are not required by law.
Which of the following statements is false? O a. Managerial accounting does not need to conform to GAAP. O b. Managerial accounting sometimes relies on past information. Oc. There is no overlap between financial and managerial accounting. O d. Financial accounting must conform to GAAP.

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