Proper application of accounting principles is most dependent upon the
A) existence of specific guidelines.
B) oversight of regulatory bodies.
C) external audit function.
D) professional judgment of the accountant.

Question

Quizplus · Accepted Answer

While the existence of specific guidelines, oversight of regulatory bodies, and external audit function can all contribute to ensuring proper application of accounting principles, at the end of the day it is the professional judgment of the accountant that is most crucial in determining how those principles are applied to a particular organization's financial statements. The role of the accountant is to take the guidelines and regulations provided and use their expertise and experience to apply them appropriately to the unique circumstances of their client.

Proper Application of Accounting Principles Is Most Dependent Upon the