Which of the Following Expectations Is Not in Line with Statements

question 7

Multiple Choice

Which of the following expectations is not in line with statements by standards-setters that they consider the economic and social consequences of standards on affected parties when setting accounting standards?

• A) Accounting standards should be neutral and free from bias
• B) Accounting standards should represent faithfully the underlying transactions
• C) Accounting standards should consider the potential impact on others
• D) None of the given options is correct

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Definitions:

Invincibility Fable

An adolescent’s egocentric conviction that he or she cannot be overcome or even harmed by anything that might defeat a normal mortal, such as unprotected sex, drug abuse, or high-speed driving.

Adolescent

An individual in the stage of development between childhood and adulthood, often marked by significant physical, psychological, and social changes.

Cognitive Development

The process by which a person's ability to think, reason, and problem solve grows and changes over time.