Question: In almost anything we do, if there is a set of rules, it is clear what we need to do. If there are no formal

In almost anything we do, if there is a set of rules, it is clear what we need to do. If there are no formal rules, we must choose what to do based on guidelines or practice. You have learned that some accounting rules may depend on how the accountant chooses to apply the rules

(FIFO/LIFO accounting, for example). Thus, accounting has both rules and c ____ s. Accounting is definitely not a science.

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