What approach to accounting reflects economic income better and appears to be more transparent?

Name: What approach to accounting reflects economic income better and appears to be more transparent?
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Question

Quizplus · Accepted Answer

Common law accounting tends to reflect economic income more accurately and is considered more transparent because it is based on a case-by-case basis, allowing for more flexibility and adaptation to specific circumstances, which can lead to a more accurate representation of a company's financial situation.

What Approach to Accounting Reflects Economic Income Better and Appears