Why Was It Believed That Accounting Standards That Were Issued

question 17

Multiple Choice

Why was it believed that accounting standards that were issued by the Financial Accounting Standards Board would carry more weight?

• A) Smaller membership.
• B) The FASB board members were well-paid.
• C) The FASB board members were CPAs.
• D) Due process.

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Definitions:

Westerners

Individuals originating from or associated with the Western part of the United States, or broadly, from Western countries, especially in the context of cultural or political discussions.

1900

The year 1900 marks the turn of the 20th century, known for the peak of the Second Industrial Revolution, the Boxer Rebellion in China, and as the year before the assassination of Queen Victoria's son, King Umberto I of Italy.

Russian-Germans

Individuals or descendants of those who migrated from Germany to Russia, particularly during the 18th and 19th centuries.

Czar Alexander II

The Emperor of Russia from 1855 to 1881, known for emancipating the serfs in 1861 and implementing significant reforms.