1.【Answer】A and C。
A rules-based system will require more detailed regulations than a principles-based system.
A rules-based system seeks to cover every eventuality.
A rules-based system has more detailed regulations because it seeks to cover every eventuality.
A principles-based system gives rise to fewer accounting standards and requires the exercise of more judgement.
Chapter 3 Presentation of published financial statements
2.【Answer】B。
The fact that a liability has arisen during the current accounting period does not make it a current liability. The other options would all lead to classification as a current liability.
