When accounting rules are left up to professional associations rather than being legislated by governmental bodies, what is the likely result?
A. Very general accounting rules are created, as in code law countries.
B. Very detailed rules for practice are created, as in common law countries.
C. Very general accounting rules are created, as in common law countries.
D. Very detailed rules for practice are created, as in code law countries.
Answer:B
When accounting rules are left up to professional associations rather than being legislated by governmental bodies, what is the likely result?
A. Very general accounting rules are created, as in code law countries. B. Very detailed rules for practice are created, as in common law countries. C. Very general accounting rules are created, as in common law countries. D. Very detailed rules for practice are created, as in code law countries.