ACC341 - Topic 3

Question

Sombarts thesis in an example of which perspective of history?

Answer

Question

The perspective that accounting has developed to meet the needs of society is best described as:

Answer

Question

The industrial revolution was most closely associated with the development of which form of accounting?

Answer

Question

Which of the following statements is true about the regulation of accounting practice in its early period of development?

Answer

Accounting was largely determined by accounting theory.
Accounting was largely determined by accounting standards issued by the accounting profession.
Accounting was largely determined by the national Securities and Exchange Commissions and resulting legislation.
Accounting was largely determined by generally accepted practice.

Question

Which of the following statements is true about early codification of accounting rules?

Answer

In the early part of the twentieth century, limited work was undertaken to codify particular accounting principles or rules.
Accountants used rules of which they were aware, and which they believed were most appropriate to the particular circumstances.
There was very limited uniformity between the accounting methods adopted by different organisations, thereby creating comparability problems.
All of the given options are correct.

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