Some Accountants Maintain That Accounting Standards Are as Much a Product

question 26

Multiple Choice

Some accountants maintain that accounting standards are as much a product of political action as they are of careful logic or empirical findings. This belief is an example of the concept of

• A) Standard setting as a political process
• B) Standards overload
• C) Economic consequences
• D) The role of ethics in accounting

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Definitions:

Justice

The fair and equitable treatment of individuals, ensuring that rights are upheld and that decisions are made according to the rule of law and ethical standards.

Wisdom

The quality of having experience, knowledge, and good judgment.

Class Bias

A tendency to prejudice or differentiate treatment based on social class or economic status.

Gender Bias

Prejudice or discrimination based on a person's gender or sex, often resulting in unfair treatment.