64. Financial accounting standard-setting A. is based solely on research and empirical findings. B. is a legalistic process based on rules promulgated by governmental agencies. C. is democratic in the sense that a majority of accountants must agree with a standard before it becomes enforceable. D. can be described as a social process which reflects political actions of various interested user groups as well as a product of research and logic.
64. Financial accounting standard-setting A. is based solely on research and empirical findings. B. is a legalistic process based on rules promulgated by governmental agencies. C. is democratic in the sense that a majority of accountants must agree with a standard before it becomes enforceable. D. can be described as a social process which reflects political actions of various interested user groups as well as a product of research and logic.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 8MC: This is the independent federal agency protecting the interests of investors, regulating stock...
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A. 64. Financial accounting standard-setting
A. is based solely on research and empirical findings.
B. is a legalistic process based on rules promulgated by governmental agencies.
C. is democratic in the sense that a majority of accountants must agree with a standard
before it becomes enforceable.
D. can be described as a social process which reflects political actions of various interested
user groups as well as a product of research and logic.
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