Financial accounting standard-setting in the united states A. can be described as a social process which reflects political actions of various interested user groups as well as a product of research and logic. B. is based solely on research and empirical findings C. is a legalistic process based on rules promulgated by government agencies D. is democratic in the sense that a majority of accountants must agree with a standard before it becomes enforceable

The correct answer is letter "A": can be described as a social process which reflects political actions of various interested user groups as well as a product of research and logic.

Explanation:

The Financial Accounting Standards Board or FASB is the U.S. agency in charge of setting the accounting rules for non-profit and for-profit organizations. The FASB modifies and reviews the Generally Accepted Accounting Principles (GAAP) which is the code every entity in the U.S. while methodically record-keeping their transactions.

The standard setting of the accounting principles reflects the economic operations of a business according to its surrounding physical, social and political environment.

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