When Developing a New Proposed Accounting Standard, After FASB Has

question 83

Multiple Choice

When developing a new proposed accounting standard, after FASB has determined that the proposed standard meets the objective of financial reporting, the next step in the development process is to ________.

• A) determine which elements of the financial statements are affected by the proposed standard
• B) consider whether the proposed standard possesses the qualitative characteristics that make accounting information useful
• C) weigh constraints on issuing the new standard, which may deter requiring the new standards
• D) identify recognition and measurement concepts used to support the proposed standard

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Definitions:

Body Fluids

Liquids within the human or animal body that transport nutrients and waste, including blood, lymph, and interstitial fluid.

Chemicals

Substances with a distinct molecular composition that are used or produced in processes involving chemical reactions.

pH

A measure of the acidity or alkalinity of a solution, defined by the negative logarithm of the hydrogen ion concentration.

Buffer System

A chemical system that maintains the pH of a solution by adjusting the proportion of acid and base.