Identify whether the items below are characteristics of a principles- based (P) or rules- based (R) accounting system:
______ Provides a clear discussion of the accounting objective related to the standard
______ Contains detailed application guidance
______ Contains numerous exceptions to the types of firms and industries that are covered ______ Involves no bright- line tests _
_____ Contains numerous bright- line tests
______ Involves a significant amount of interpretation in application
______ Involves few, if any, exceptions
______ Provides insufficient guidance to implement the standard
______ Would not rely on extensive use of professional judgment
______ Results in inconsistencies between standards