What reason is given for the stagnation of accounting development during the "Cultural Revolution" in China (1966-1976)?
A)Over-simplification of accounting was pursued to make it accessible to a broad populace.
B)There was very little business being transacted in China during the Cultural Revolution.
C)Businesses in China were converting to international accounting standards during this period of time so they stopped developing new standards.
D)Auditors took over the development of accounting practice.

Question

Quizplus · Accepted Answer

During the Cultural Revolution, there was a push towards making many aspects of professional and intellectual work, including accounting, more accessible and understandable to the general populace. This led to an over-simplification of accounting practices, which in turn contributed to a stagnation in the development of more sophisticated accounting methods and standards.

What Reason Is Given for the Stagnation of Accounting Development