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Exam CFA® Level 1 topic 1 question 2034 discussion

Actual exam question from Test Prep's CFA® Level 1
Question #: 2034
Topic #: 1
[All CFA® Level 1 Questions]

Accounting Standards are best described as

  • A. the state-of-the-art presentation of the science of accounting.
  • B. presentation standards mandated by the Securities and Exchange Commission.
  • C. the result of a political process among groups with diverse interests.
  • D. measuring the quality of stewardship.
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Suggested Answer: C 🗳️
Accounting standards have been through a long development process and are subject to continual innovation, modification, and change. Currently, the Financial
Accounting Standards Board (FASB), composed of seven full-time paid members, functions as the standard-setting body of the accounting profession.
by KAla7223 at Feb. 16, 2023, 5:41 a.m.

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KAla7223
1 year, 11 months ago
No way answer is C.....
upvoted 1 times
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