The Process of Establishing Financial Accounting Standards Is

question 60

Multiple Choice

The process of establishing financial accounting standards is

• A) a democratic process in that a majority of practicing accountants must agree with a standard before it becomes implemented.
• B) a legislative process based on rules promulgated by government agencies.
• C) based solely on economic analysis of the effects each standard will have if it is implemented.
• D) a social process which incorporates political actions of various interested user groups as well as professional research and logic.

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Definitions:

Accepting

means showing receptiveness to or approval of ideas, individuals, or situations, often characterized by a willingness to embrace diversity or change.

Leadership Theories

Various models and explanations that describe what makes someone an effective leader, including trait, behavioral, contingency, and transformational theories.

Narrow Focus

Concentrating efforts or attention on a specific, limited area or subject, often at the expense of broader or more diverse considerations.

Limited Integration

A situation or strategy where integration or unification efforts among departments, groups, or systems are minimal or restricted, often deliberately.