What reason is given for the stagnation of accounting development during the “Cultural Revolution” in China (1966-1976)?
A. Over-simplification of accounting was pursued to make it accessible to a broad populace.
B. There was very little business being transacted in China during the Cultural Revolution.
C. Businesses in China were converting to international accounting standards during this period of time so they stopped developing new standards.
D. Auditors took over the development of accounting practice.
Answer:A
What reason is given for the stagnation of accounting development during the “Cultural Revolution” in China (1966-1976)?
A. Over-simplification of accounting was pursued to make it accessible to a broad populace. B. There was very little business being transacted in China during the Cultural Revolution. C. Businesses in China were converting to international accounting standards during this period of time so they stopped developing new standards. D. Auditors took over the development of accounting practice.