During the Ad Hoc Period of Accounting Standard Setting in Australia

question 29

Multiple Choice

During the ad hoc period of accounting standard setting in Australia in the 1970s and '80s,which of the following is not correct?

• A) Arguments by business in relation to standards tended to be based on self-interest rather than sound theoretical considerations
• B) The business community preferred standards which reduced choice
• C) The business community preferred standards which maintained the status quo
• D) Standard setters tended to produce standards that they knew were acceptability to the business community

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Definitions:

Caring Leadership

A leadership approach emphasizing empathy, support, and concern for the well-being of followers.

Concern For People

This term reflects the degree to which a management or leadership approach prioritizes the well-being, needs, and interests of its employees or members.

Six Sigma

Systems approach to quality management providing training for employees and managers in statistical analysis, project management, and problem-solving methods to reduce the defect rate of products.

Defect Free

A state or condition where a product, service, or process is free of flaws, errors, or deficiencies, meeting all specified requirements.