Question

In: Accounting

Define the following terms: Economic Consequences Standards Overload

Define the following terms:

  1. Economic Consequences
  2. Standards Overload

Solutions

Expert Solution

Economic consequence:- These are the consequences of accounting policies that impact various stakeholders like management, investors, creditors, and government.

Standards Overload:- It represents the imposition of numerous standards issued by authoritative bodies like FASB, SEC, AICPA which is burdensome particularly to small businesses.

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