Why is it impossible for a single accounting report to be appropriate for all situations?
A)Due to the diverse backgrounds of the people preparing accounting reports.
B)Due to the diverse accounting environment in which entities operate.
C)Due to the conflicting objectives of preparers and users.
D)Due to lack of laws defining a single accounting report.

Question

Quizplus · Accepted Answer

The diverse accounting environment in which entities operate leads to different reporting requirements and needs for different users. Different industries, countries, and even companies may have varying regulations and standards that affect the content and format of their accounting reports. Therefore, a single accounting report cannot be appropriate for all situations.

Why Is It Impossible for a Single Accounting Report to Be