1.Disadvantage of principles-based standards is: Select one: a. They supply broad guidelines. b. They allow mangers to select policies that may not reflect the substance of a transaction. c. They allow accountants to use professional judgement. d. All of the above.

2.A normative theory: Select one: a. Is based on what should be the case given a certain objective. b. Is completely divorced from reality. c. Describes, explains or predicts activities. d. Only focuses on normal activities. Clear my choice