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

Explanation of Specialized Industry Accounting Practices: These are specific accounting methods and…

Answered: Why do specialized industry accounting…

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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When does the industry specificity...
FINANCIAL ACCOUNTING MCQ
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?
HELP!!!
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 can the qualitative faithful representation (reliability) characteristic be improved in high-quality accounting information? Do not simply repeat what it is, provide suggestions as to how a particular part of the qualitative characteristics could be improved. Please provide different answers and explanations than copy and pasting: “Accounting information is reliable if these are-Complete - Financial statements should not exclude any transaction, Neutral - The degree to which information is free from bias. Note that there are subjectivity and estimation involved in financial statements, therefore information cannot be truly "neutral." However, if a company polled 1,000 accountants and took the average of their answers, that would be considered neutral and free from bias. and Free from error - The degree to which information is free from errors.”
Why should the responsibility for maintaining the accounting records be separated from the responsibility of operations? Be sure to explain: -Accounting records versus operations functions. -Does this differ in small vs large organizations? If so, how? And, how would a company still control for this difference.
Which statement is false?a. Management accounting makes use of both quantitative and qualitative information for maximum use of managementb. Financial accounting emphasizes current and future data while management accounting is essentially historical.c. Management accounting covers a much broader scope, for it goes beyond the boundaries of traditional accounting.d. Management accounting information merely assist managers in rendering judgment, but it is not a substitute for judgment.
Economic consequences of accounting standard-setting means: a. standard-setters must give first priority to ensuring that companies do not suffer any adverse effect as a result of a new standard. b. standard-setters must ensure that no new costs are incurred when a new standard is issued. c. the objective of financial reporting should be politically motivated to ensure acceptance by the general public. d. accounting standards can have detrimental impacts on the wealth levels of the providers of financial information.
Right answer for general accounting
It has been suggested that not all accounting choices are made by management in the best interest of fair and consistent financial reporting. Required: What motivations can you think of for management’s choice of accounting methods?

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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