Since the FASB makes the standards that are used by business and industry, they make accounting theory.

Question:

Since the FASB makes the standards that are used by business and industry, they make accounting theory. Comment on this statement.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Theory Conceptual Issues in a Political and Economic Environment

ISBN: 978-1412991698

8th edition

Authors: Harry Wolk, James Dodd, John Rozycki

See More Books

Question Posted: Feb 12, 2016 06:07 AM

See More Questions

By hedging a defined benefit pension plansinterest-rate risk, a sponsor can eliminate pensionrisk. Comment on this statement.
Since internal auditors are employees, they have no ethical responsibilities to others beyond their employers. Comment on this statement.
Place the corresponding letter of the definition next to the term. _____ 1. Unqualified opinion _____ 2. Audit _____ 3. IFRS _____ 4. GAAP _____ 5. External audit _____ 6. CPA _____ 7. FASB _____ 8....
What is your perspective on changes in cultural ideals for the female body from that of Marilyn Monroe in the 1950s to top models today?
a. If the firm is not capital constrained and the projects in Table 1 are mutually exclusive, which project should the firm undertake using the following criteria? i. NPV ii. IRR iii. Payback period...
Google uses a "time ticket" for some employees. How are time tickets used in job order costing?
Many argue that new communication technologies have made social interactions impersonal and that people are not developing enough face-to-face communication skills. What is your opinion on this...
A bank's balance sheet information is shown below (in $000). 1. What is the bank's risk-adjusted asset base under Basel III? 2. To be adequately capitalized, what are the bank's CET1, Tier I, and...
4 of 5 (3 complete) E2-22 (similar to) The accounts of lington Moving Company follow with their normal balances as of August 31, 2016. The accounts are listed in no particular ander 11. (Click the...
Show that a paraboloidal wave centered at the point P1 is converted by a lens of focal length f into a paraboloidal wave centered about P2, where 1/z1+1/z2=1/f. [hint: using U1, U2 and t] Pz P1 Z1
Do you think that the color-coded terrorist threat system instituted by the Department of Homeland Security involves a measurement system? Explain.
Of the three inputs to the accounting policy-making function, which do you think is the most important?
You have studied the brightness of a certain type of star, and are interested in the variation. The brightness follows a Normal distribution $\phi_{(\mu, \sigma)}(x)$, so you study the variance by...
Show how you would go about balancing the following equations: Cu + HNO3 Cu(NO3)2 + NO + H2O HIO3 + Fel2 + HCI FeCl3 + ICI + H2O 2.Conservation of mass A student places 0.58 g of iron and 1.600 g...
Sales MOSS COMPANY Income Statement For Year Ended December 31, 2021 Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Income before taxes Income taxes...
Prior to the Covid-19 epidemic, Master's and Ph.D. programs in psychology required applying students to submit their scores on the standardized graduate admission exam (GRE). For the past three...
Benicio wants to make sure that the Sales table does not contain any duplicate records, which would make any sales analysis incorrect. Identify and remove duplicate records in the Sales table as...
University Car Wash purchased new soap dispensing equipment that cost $261,000 including installation. The company estimates that the equipment will have a residual value of $27,000. University Car...
As a staff member at one of the 48 state attorney generals offices that are investigating Google, you need to write a report recommending to the attorney general of your state what actions to takeand...
7. FALSE DILEMMA 8. GANDWAGON Definition: Fallacy example: How to revise argument: Definition: Fallacy example: How to revise argument:
What is the total shareholder return (TSR) and what are its advantages and problems as a metric of shareholder wealth creation?
What are the advantages of convergence-harmonization of accounting standards?
Liu and Espahbodi (2014) suggest that a firms dividend policy affects its propensity to smooth earnings. How might this finding affect financial statement analysis?
Why is there no matching problem for periodic costs, and what are some examples?
ACC 2 0 2 Milestone One: Operational Costs Data Appendix You plan to open a small business for manufacturing pet collars, leashes, and harnesses. You have found a workshop space you can use for...
Explain the following: Understand the PPE acquisition (or investing) cycle and related significant transactions and source documents Understand the relevant assertions/objectives about PPE balances...
Problem 3 Progress Company acquired 6 0 % of Stall Corporation on 1 2 0 2 0 . Fair values of Stall's assets and liabilities approximated book values on that date. Progress uses the initial value...

Since the FASB makes the standards that are used by business and industry, they make accounting theory.

Question:

Step by Step Answer:

FASB uses accounting theory when developing account...View the full answer

Accounting Theory Conceptual Issues in a Political and Economic Environment

Students also viewed these Accounting questions