The process of establishing financial accounting standards is
a. a democratic process in that a majority of practicing accountants must agree with a standard before it becomes implemented.
b. a legislative process based on rules promulgated by government agencies.
c. based solely on economic analysis of the effects each standard will have if it is implemented.
d. a social process which incorporates political actions of various interested user groups as well as professional research and logic.
D
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Which of the following accounts would not be reported in the Property, Plant, and Equipment section of a balance sheet?
a. Accumulated Depreciation—Buildings b. Buildings c. Depreciation Expense—Buildings d. Land
List and briefly describe the three major types of attributes used to describe products and services
What will be an ideal response?
Chris invested a large portion of his department's budget on the staff training program in the past year. He first assessed his staff's needs. Then, he designed a training program. Next, he determined training methods and locations and implemented the program. Now, a year later, it is time to
A. develop role-play opportunities. B. establish training objectives and content. C. evaluate the program's effectiveness. D. determine job rotation assignments. E. determine which staff need which type of training.
In ________, individuals agree reluctantly with a group's decision because they are more concerned about maintaining harmony and cohesiveness than critically thinking about problems or alternative approaches.
A. group-hate B. free riding C. groupthink D. risky shift