Accounting information processes are structured to eliminate the need for professional judgment.

Question

Quizplus · Accepted Answer

Accounting information processes do require professional judgment in many areas such as determining the appropriate accounting treatment for certain transactions, estimating future contingencies, and assessing the risks and uncertainties associated with financial reporting. However, these processes are designed to provide sufficient and reliable information for decision-making by reducing bias, errors, and inconsistencies.

Accounting Information Processes Are Structured to Eliminate the Need for Professional