Some Accountants Maintain That Accounting Standards Are as Much a Product

question 26

Multiple Choice

Some accountants maintain that accounting standards are as much a product of political action as they are of careful logic or empirical findings. This belief is an example of the concept of

• A) Standard setting as a political process
• B) Standards overload
• C) Economic consequences
• D) The role of ethics in accounting

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Definitions:

Diethylstilbestrol

A synthetic estrogen that was prescribed to pregnant women to prevent miscarriages and premature labor, later found to cause significant health issues.

Blastocyst

A stage of early embryonic development in mammals; it is a structure formed about five days after fertilization, consisting of an inner cell mass, a fluid-filled cavity, and an outer layer of trophoblast cells.

Placenta

During pregnancy, an organ arises in the uterus, serving to deliver essential nutrients and oxygen to the developing baby, as well as clearing out the baby’s metabolic waste.

Endoderm

The innermost layer of cells or tissue of an embryo in early development that gives rise to the lining of the digestive and respiratory systems.