Which of the following is true? a. FASB creates SEC. b. GAAP creates FASB. c. SEC creates

Question:

Which of the following is true?
a. FASB creates SEC.
b. GAAP creates FASB.
c. SEC creates CPA.
d. FASB creates GAAP.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamentals Of Financial Accounting

ISBN: 9781265440169

7th Edition

Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby

See More Books

Question Posted: Oct 29, 2021 02:34 AM

See More Questions

Which of the following is true with respect to fraud risk factors in an IT environment? a. Employees in an IT environment are highly skilled. b. Audit teams cannot evaluate the accounting information...
Which of the following is true of a company that uses absorption costing? A) Net operating income fluctuates directly with changes in sales volume. B) Fixed production and fixed selling costs are...
Which of the following is true about FUTA obligations? A. FUTA is an employer-only tax B. FUTA is subject to a 5.4% reduction based on employer and state factors. C. FUTA is subject to a $7,000 wage...
In its income statement for the year ended December 31, 2020, Bramble Company reported the following condensed data. Operating expenses $754,570 Interest revenue $28,440 Cost of goods sold 1,339,800...
Oxygen at 300 kPa, 100C is in a piston/cylinder arrangement with a volume of 0.1 m3. It is now compressed in a polytropic process with exponent, n = 1.2, to a final temperature of 200C. Calculate the...
There are different product costs for different purposes. Name at least two purposes.
Edward Entrepreneur has an idea for a new business venture. He has designed an electronic gizmo, the Wonder Cleaner, to assist with routine household chores. Edward wants to set up a corporation to...
Dr. Lori Baker, operations manager at Nesa Electronics, prides herself on excellent assembly-line balancing. She has been told that the firm needs to complete 96 instruments per 24-hour day. The...
11.A simple LR circuit is connected to a battery at t = 0. The time instant at which rate of energy storage in inductor is half of power delivered by battery 2L (1) In 2 (3) In 2 (2) In (4) (4) In 3
Use nodal analysis to find Vo in the circuit of Fig. 3.72. Figure 3.72 For Prob. 3.23. 1 4 30 16
Which of the following would not be a goal of external users reading a companys financial statements? a. Understanding the current financial state of the company b. Assessing the companys...
Which of the following regarding GAAP is true? a. GAAP is an abbreviation for generally applied accounting principles. b. Changes in GAAP always affect the amount of income reported by a company. c....
Write the ionic charge for each of the following ions as predicted from the group number in the periodic table. (a) Cs ion (b) Ga ion (c) O ion (d) I ion. Periodic Table: 2 3 4 10 6 3 7 11 Li 6.94 1...
Home Depot is considering setting up a store in Chile. The store requires an initial investment of 4500 million pesos for land, building and fixtures. Home Depot plans to borrow 150 million pesos at...
How to be good in understanding financial statment analysishow can we start to be better?Operating profit is sometimes referred to as EBIT (earnings before interest and taxes). However, operating...
How can a historical perspective on measurement help to develop childrens understanding of the concept? Again, how can this be incorporated into your teaching?
In this exercise you are provided with an abstraction that represents the instances of crime reported by various U.S. stat in 2012. The abstraction shows the reporting state, the rate of all property...
1. Why do you always have do an estimation and risk analysis? 2. Why are swaps important?
Use residues to evaluate the improper integrals in Exercises cosx dx
Which should drive action planning more, strengths or weaknesses? That is, is it more important to build on your strengths or to reduce your weaknesses? Explain.
Explain why the income statement, statement of retained earnings, and statement of cash flows would be dated For the Year Ended December 31, 2015, whereas the balance sheet would be dated At December...
The following is a list of important abbreviations used in the chapter. These abbreviations also are used widely in business. For each abbreviation, give the full designation. The first one is an...
Learning which items belong in each cash flow statement category is an important first step in understanding their meaning. Use a letter to mark each item in the following list as a cash flow from...
1. Write an integral using cylindrical coordinates that represents the volume between the surfaces z=x+ y and z = 6-x - y.
17.13 Let g be holomorphic in C and assume there exists a finite constant M such that |g(z)| M|sin z (z C). z| Prove that g(z) = K sinz on C, for some constant K with |K| M. (Hint: consider g(z)/sin...
A researcher collected self-report data on life satisfaction, social support, and depression. She found the following correlations: (1) life satisfaction and depression, (8) = -.77, p < .01; (2)...

Which of the following is true? a. FASB creates SEC. b. GAAP creates FASB. c. SEC creates

Question:

Step by Step Answer:

c SEC or Securities and Exchange Commission creates CPA or Certified Public Accountants True ...View the full answer

Fundamentals Of Financial Accounting

Students also viewed these Business questions