Which of the Following Statements Is True

question 30

Multiple Choice

Which of the following statements is true?

• A)In order to remain impartial, the FASB discourages public input during development of standards.
• B)FASB accounting standards are the result of clearly defined objectives, an integrated body of theory, and the known consequences of actions.
• C)The FASB deliberates and issues accounting standards only after receiving a formal letter of request from the SEC.
• D)Accounting standards, which reflect social decisions, are often the result of compromise.