Which statement describes the accounting profession during the first few years of the 21st century?
A) It focused mainly on helping firms improve the quality and accuracy of the financial information provided to stakeholders.
B) It was recognized as the most ethical of all the business professions.
C) It suffered a loss of jobs as computerized systems did away with the need for professional accountants.
D) It was embarrassed by a series of scandals that seemed to suggest a serious decline in accounting standards.

Question

Quizplus · Accepted Answer

The statement that describes the accounting profession during the first few years of the 21st century is "It was embarrassed by a series of scandals that seemed to suggest a serious decline in accounting standards." This refers to events such as the Enron scandal and the collapse of Arthur Andersen, which shook public confidence in the accounting profession and led to increased scrutiny and regulation.

Which Statement Describes the Accounting Profession During the First Few