Economic consequences of accounting standard-setting means:a. standard-setters must give fi rst priority to ensuring that companies do not suffer any adverseeffect as a result of a new standard.b. standard-setters must ensure that no new costs are incurred when a new standard is issued.c. the objective of financial reporting should be politically motivated to ensure acceptance by thegeneral public.d. accounting standards can have detrimental impacts on the wealth levels of the providers of financialinformation.
Economic consequences of accounting standard-setting means:a. standard-setters must give fi rst priority to ensuring that companies do not suffer any adverseeffect as a result of a new standard.b. standard-setters must ensure that no new costs are incurred when a new standard is issued.c. the objective of financial reporting should be politically motivated to ensure acceptance by thegeneral public.d. accounting standards can have detrimental impacts on the wealth levels of the providers of financialinformation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Economic consequences of accounting standard-setting means:
a. standard-setters must give fi rst priority to ensuring that companies do not suffer any adverse
effect as a result of a new standard.
b. standard-setters must ensure that no new costs are incurred when a new standard is issued.
c. the objective of financial reporting should be politically motivated to ensure acceptance by the
general public.
d. accounting standards can have detrimental impacts on the wealth levels of the providers of financial
information.
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