Accounting Methods and Standards Quiz
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Accounting Methods and Standards Quiz

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@ReachableTimpani

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Questions and Answers

Which accounting method do larger firms most often operate on?

  • Specific disclosures
  • Simplified standards
  • Accrual basis (correct)
  • Cash method

    • What is one of the notable limitations of accounting standards mentioned in the text?

  • Flexibility
  • Choice between alternative treatments (correct)
  • Scope clarity
  • Ease of creation

    • What percentage of governments surveyed in the public sector used accrual accounting in 2020?

  • 40%
  • 50%
  • 30% (correct)
  • 20%

    • What do accounting standards prescribe in considerable detail?

    <p>All of the above</p> Signup and view all the answers

    What method of accounting is simple and straightforward according to the text?

    <p>Cash method</p> Signup and view all the answers

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