? Why do specialized industry accountingpractices develop?a) Standard practices always sufficeb)Uniquebusiness models requiretailored reporting methodsc) General rules cover all situationsd) Traditional methods never needmodification

Specialized industry accounting practices mean that certain industries have unique accounting…

Answered: Why do specialized industry accounting…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 3Q: What parts of the accounting cycle require analytical processes, rather than methodical processes?...

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Similar questions

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.
What is the authoorative status of the Conceptual Framework? a. to provide the foundation for standards that bring transparency, accountability, and efficiency to financial markets around the work. b. in the absence of a standard or interpretation that specifically applies to a transaction, the framework should not be followed. c. the framework has the highest level of authority d. the framework applies only when IASB develops a new or revised standards
How can we reduce this risk in financial reporting process? "Are redundant and out-of-date information flows identified and terminated?"
What are the implications of a change in accounting standards? For example, what kinds of changes to data calculation and information reportingare likely to occur with a transition to a new standard?
Hansh
Which of the following statements about an accounting information system (AIS) is incorrect ?(CPA adapted) a. The information produced by AIS is made available to all levels of management for use in planning andcontrolling an organization’s activities.b. An AIS is best suited to solve problems where there is great uncertainty and ill-defined reportingrequirements.c. An AIS supports day-to-day operations by collecting and storing data about an organization’s transactions d.An AIS provides adequate controls to safeguard the assets, to ensure that the assets and data areavailable when needed, and to ensure that data/information is accurate and reliable
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
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 some possible pitfalls of using nonauthoritative sources when doing accounting research?
How can the enhancing characteristic understandability be improved in high-quality accounting information? Do not simply repeat what it is, provide suggestions as to how a particular part of the enhancing characteristic could be improved. Please provide different answers and explanations than copy and pasting: “Information that is understandable to the average user of financial statements is highly desirable.”
A trade-off between the fundamental qualitative characteristics of relevance and faithful representation may need to be made in order to meet the objective of financial reporting. True False
The primary qualities that make accounting information useful for decision-making are :(a) Relevance and freedom from bias(b) Reliability and comparability(c) Comparability and consistency(d) None of the above

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Why do specialized industry accounting practices develop? a) Standard practices always suffice b) Unique business models require tailored reporting methods c) General rules cover all situations d) Traditional methods never need modification