The Primary Historical Reason for the FASB Reversing Its Positions

question 49

Multiple Choice

The primary historical reason for the FASB reversing its positions when political pressures occur is:

• A)The cost gathering data was prohibitive.
• B)The difficulties in measurement were too great.
• C)They have no authority in such situations.
• D)The SEC did not support the FASB position.

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Definitions:

Resonance Structures

Different Lewis structures that represent the same molecule, showing the delocalization of electrons.

Intermediate

An intermediate in chemistry is a transient species within a chemical reaction that is formed from the reactants and proceeds to form the final product.

Hybrid

Pertaining to the combination of two or more different breeds, types, or varieties, especially in reference to plants or animals.

Alkyl Halides

Organic compounds containing a halogen atom (F, Cl, Br, I) substituted for a hydrogen atom in an alkyl group.