64. Financial accounting standard-setting A. is based solely on research and empirical findings. B. is a legalistic process based on rules promulgated by governmental agencies. C. is democratic in the sense that a majority of accountants must agree with a standard before it becomes enforceable. D. can be described as a social process which reflects political actions of various interested user groups as well as a product of research and logic.

64. Financial accounting standard-setting A. is based solely on research and empirical findings. B. is a legalistic process based on rules promulgated by governmental agencies. C. is democratic in the sense that a majority of accountants must agree with a standard before it becomes enforceable. D. can be described as a social process which reflects political actions of various interested user groups as well as a product of research and logic.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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