Which of the following is not a true statement regarding ARS 1 and ARS 3?
A)The authors were commissioned to find postulates and principles that would lead to a measure of true income.
B)The postulates were not complete and could not exclude all value systems other than the one prescribed in the principles.
C)The authors were able to identify a single concept of income that was superior to others.
D)Nothing is said about the users of accounting information and what their needs and abilities might be.

Question

Quizplus · Accepted Answer

The statement that the authors were able to identify a single concept of income that was superior to others is not true. In fact, ARS 1 and ARS 3 recognized that different users may have different needs for accounting information and may therefore require different concepts of income.

Which of the Following Is Not a True Statement Regarding