Final answer:
Throughout the industry life cycle, the type of customer, the number and size of competitors, and the capabilities of competitors always change. Accounting standards do not inherently change with the industry life cycle.
Step-by-step explanation:
Throughout the progression of the industry life cycle, certain characteristics are observed to change consistently. These include the type of customer, the number and size of competitors, and the capabilities of competitors. Accounting standards, while they may evolve, do not inherently change with the industry life cycle.
As an industry develops, the customer base often shifts from early adopters in the introduction phase to the general public in the growth and maturity stages, and potentially a niche group in the decline stage.
Concurrently, the number and size of competitors in the market tend to increase as the industry becomes more attractive during growth, then consolidate during maturity and decline as firms exit or are absorbed by larger entities. Furthermore, the capabilities of competitors generally improve as firms innovate and scale up during growth phases, but might stabilize or even reduce towards the maturity and decline phases as competition intensifies and profit margins shrink.