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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter1: The Demand For And Supply Of Financial Accounting Information

Section: Chapter Questions

Problem 2C

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