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Accounting standards and its implementation in the US

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Provide a two- or three-sentence response that argues for or against (indicate which) each of these statements:

a. Accounting is an exact science
b. Managers choose accounting procedures that produce the most accurate picture of the company's operating performance and financial condition.
c. Accounting standards in the United states are influenced more by politics than by science or economics
d. If the FASB and SEC were not around to require and enforce minimum levels of financial disclosure, most companies would provide little (if any) information to outsiders.
e. When managers possess good news about the company (that is, information that will increase the stock price), they have an incentive to disclose the information as soon as possible.
f. When manages possess bad news about the company (that is, information that will decrease the stock price), they have an incentive to delay disclosure as long as possible.
g. Investor who uses fundamental analysis for investment decisions has little need for financial statement information.
h. An investor who believes that capital markets are efficient has little need for financial statement information.
i. Managers who disclosure only the minimum information required to meet FASB and SEC requirements may be doing a disservice to shareholders.
j. Financial statements are the only source of information analysts use when forecasting the company's profitability and financial condition.

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a) Accounting is an exact science:
This is true because like science it has every procedure and practice based on certain principals. Everything here is codified and every rule universal. Again like science every thing is quantifiable and measurable.
b) Using of accounting procedures by Managers for actual Picture of the company's operating performance and financial condition: Managers choose accounting procedures that produce the most accurate picture of the company's operating performance and financial condition:
False, usually picture is as per perception of manager and usually their tendency is to produce Rosy picture and in the process they distort actual picture. They change heads of expenses, change procedures and give their explanation in such away that whole picture can be presented as per their or Management's perception. Figures are distorted to do window dressing.
c) Influence of politics on Accounting standards in the United states : Accounting standards in the United states are influenced more by politics than by science or economics:
This is true. The setting of Accounts Standards most ...

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