What Is Likely to Be the Source of Accounting Standards

question 4

Multiple Choice

What is likely to be the source of accounting standards in common law countries?

• A) Tax law
• B) Non-government entities such as the FASB
• C) Federal and local legislatures
• D) The International Accounting Standards Board

---

Definitions:

Loyalty

A strong feeling of support or allegiance.

Disengagement Theory

A theory of aging that suggests that it is natural and acceptable for older adults to withdraw from societal roles and responsibilities to focus on personal concerns.

John Bowlby

A British psychologist best known for his pioneering work in attachment theory.

Psychosocial Theory

A framework that proposes individuals undergo predictable psychosocial challenges across various stages of life, influencing their personality and social relationships.