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...
Theory of financial accounting
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FINANCIAL ACCOUNTING MCQ
financial account : question
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.
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
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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