Accounting is based on man-made rules that sometimes undergo change.

Question

Quizplus · Accepted Answer

Accounting principles and standards are created and revised by various professional bodies and organizations, such as the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). These rules and guidelines may change over time in response to changing business practices or to improve financial reporting accuracy and transparency.

Accounting Is Based on Man-Made Rules That Sometimes Undergo Change