Financial Accounting Standard-Setting in the United States Can Be Described

Multiple Choice

Financial accounting standard-setting in the United States can be described as:

A) A democratic process in the sense that a majority of accountants must agree with a standard before it becomes enforceable.
B) A research process based on empirical findings
C) A political process which reflects actions of various interested user groups as well as a product of research and logic.
D) A legalistic process based on rules promulgated by governmental agencies