Which of the Following Was Not a Criticism of the Development

question 23

Multiple Choice

Which of the following was not a criticism of the development of accounting standards by the Accounting Principles Board?

• A) The independence of the members of the APB. The individuals serving on the board had full-time responsibilities elsewhere that might influence their views of certain issues.
• B) The structure of the board. The largest eight public accounting firms (at that time) were automatically awarded one member, and there were usually five or six other public accountants on the APB.
• C) Harmonization. The accounting standards developed were dissimilar to those developed by the International Accounting Standards Committee.
• D) Response time. The emerging accounting problems were not being investigated and solved quickly enough by the part-time members.

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Definitions:

Evaluation

The systematic assessment of the performance, effectiveness, or value of a program, practice, or procedure.

Information

Data that has been processed, organized, or structured in a way that adds meaning or context, making it useful to those who need it.

Decision Making

The cognitive process of selecting a course of action among several alternatives, typically aimed at solving a problem or achieving a goal.

Conflict

A disagreement or confrontation resulting from differing needs, values, or interests between individuals or groups.