Please answer these two questions

9. What is the likely result when accounting rules are left up to professional associations rather than being legislated by governmental bodies? * (2 Points) Very general accounting rules are created as in code law countries. Very detailed rules for practice are created, as in common law countries. Very general accounting rules are created, as in common law countries. Very detailed rules for practice are created, as in code law countries. 10. Under IAS 8, correcting errors must be treated: (2 Points) Retrospectively Prospectively No action needed Either retrospectively or prospectively