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Relationship between policy and consequence

You must complete the activity in class materials to complete this assignment. Go to course materials, click on Unit 2 tab, click on view unit, click on the activity button, and follow the directions in the activity. After completion of the activity answer the following question:

What are the additional relationships between policy and consequence?

How are accounting principles incorporated into policy and practice?

Is accounting an "objective" profession? Why or why not?

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The response addresses the queries posted in 498 words with references.

//As per the directions, in this part, we will talk about the additional relationship between policy and consequences. But before discussing on this part, we will talk about policy in a very brief manner. I am providing you a brief overview to enhance your knowledge.//

Relationship between Policy and Consequence:

Accounting policy reflects all the specified bases, rules conventions, principles and practices related to accounting that are primarily used by a business in preparing its financial statements. There is a direct relationship between policy and consequences as all the consequences are mainly based on policy. As per the appropriateness of the circumstances, policy includes precise accounting assumptions that would endlessly give better consequences. The consequences of financial statements ...

Solution Summary

The response addresses the queries posted in 498 words with references.