Objective Question:

How should accountants manage accounting practices concerning sources of loosely regulated income such as gambling and cryptocurrency?

A$)$ By implementing robust internal controls and compliance measures to ensure accurate reporting and adherence to regulatory requirements.

B$)$ By disregarding loosely regulated income sources as they do not adhere to accounting standards.

C$)$ By solely focusing on reporting income from tightly regulated sources to avoid legal complications.

D$)$ By accepting loosely regulated income sources without implementing any additional controls or oversight measures.