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:

Probation

A trial period during which a new employee's performance and suitability for a position are evaluated by their employer, or a judicial sentence that allows an offender to remain in the community under supervision instead of serving time in prison.

Reorder Inventory

The process of restocking products or materials in business operations to maintain an adequate supply level.

Non-Programmed Decision

A decision made in response to situations that are unique, poorly defined, and largely unstructured, often requiring creative problem-solving.

Tuition Reimbursement

An employee benefit where an employer pays back employees for the cost of furthering their education as it relates to their job or career advancement.