Which of the Following Was Not One of the Pieces

question 7

Multiple Choice

Which of the following was not one of the pieces of evidence put forward by Walker (1987) to argue that the ASRB had been captured by the Accounting Profession?

• A) Fast-tracking of accounting profession's AARF proposals for standards, but more stringent requirements for others
• B) The profession influenced new appointments to the AASB so that, after just 2 years, virtually all members had some community of interest with the professional accounting bodies
• C) The whole of AARF was merged with the AADB in 1987
• D) By the beginning of 1986, the accounting profession indirectly managed to influence the procedures, priorities and output of the AASB

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Definitions:

Accounting Equation

The fundamental formula in accounting that states assets equal liabilities plus equity (Assets = Liabilities + Equity).

Owner's Equity

The net worth of an owner in a company, calculated as the difference between the company's assets and liabilities.

Liabilities

Financial obligations or debts of a business that are due to be paid to creditors in the future.

Accounting Equation

The foundational principle in accounting that states assets equal liabilities plus shareholders' equity.