Once the FASB Has Established an Accounting Standard,the

question 5

Multiple Choice

Once the FASB has established an accounting standard,the

• A) standard is continually reviewed to see if modification is necessary.
• B) standard is not reviewed unless the SEC makes a complaint.
• C) task of reviewing the standard to see if modification is necessary is given to the AICPA.
• D) principle of consistency requires that no revisions ever be made to the standard.

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Definitions:

Informality

The absence of formal structure or etiquette, resulting in a relaxed and casual atmosphere.

Abusive Supervision

A form of workplace mistreatment where a supervisor consistently displays hostility towards subordinates, often through verbal or non-verbal behaviors.

High Power Distance

A cultural dimension that describes how people belonging to a specific culture perceive and handle inequalities in power within their social and organizational structures.

Cultural Mosaic

An individual’s unique mixture of multiple cultural identities, which yields a complex picture of the cultural influences on that person.