Which of the following statements is true about early codification of accounting rules?
A) In the early part of the twentieth century, limited work was undertaken to codify particular accounting principles or rules.
B) Accountants used rules of which they were aware, and which they believed were most appropriate to the particular circumstances.
C) There was very limited uniformity between the accounting methods adopted by different organisations, thereby creating comparability problems.
D) All of the given options are correct.

Question

Quizplus · Accepted Answer

All of the given options are correct. 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.

Which of the Following Statements Is True About Early Codification