Who is responsible for the design of the Accounting Policies? (a)Accounts/Finance department. (b)Management. (c)Shareholders/partners

(a) the Accounts/ Finance department are the best to do it as they are the users so they know more, then they must submit to the Management (b)  for approval ,  and depending on the field/ form of the company, Shareholders/partners  may be requested  to sign some policies but not all.

Its quite simple although may vary from situation to situation. Accounting or Finance Dept are responsible for maintiaing Accounting and Financial activity of the organisation. So they are the one's who have the better understanding of accounting practices within the organisation.

Yes, they design and implement the policies.

But those polcies has to be set or designed in line with the Strategic Goals set by the top management.

(b) management

Accounting policies are specified in internationally recognized and accepted accounting literarure including International Accounting Standards and Generally Accepted Accounting Principles. These accounting policies should be adopted by management, implemented by the accounting/finance department, and reported to shareholders/partners and stakeholders in general. There are many examples of accounting policies relating to depreciation, amortization, the historical cost convention, accrual basis, year-end and prioyears' adjustments, etc. These accounting policies should be adopted consisitently by firms. Moreover, auditors can qualify their audit opinions or make disclaimers concerning companies that do not adhere to them.