Jump to Another Question In this activity you will exercise your skills in analyzing and recording transactions. Out of the five statements, select only the TRUE statements and Submit. The primary accounting standard-setting body in the United States is the Securities and Exchange Commission (SEC). The two most common types of external users are investors and creditors. The cost principle dictates that companies record assets at their cost and continue to report them at their cost over the time the asset is held. The three steps in the accounting process are identification, recording, and examination. Congress passed the Sarbanes-Oxley Act of 2002 to ensure that investors invest only in companies that will be profitable. SUBMIT

In this activity you will exercise your skills in analyzing and recording transactions. Out of the five statements, select only the TRUE statements and Submit. The primary accounting standard-setting body in the United States is the Securities and Exchange Commission (SEC). The cost principle dictates that companies record assets at their cost and continue to report them at their cost over the time the asset is held. The three steps in the accounting process are identification, recording, and examination. Congress passed the Sarbanes-Oxley Act of 2002 to ensure that investors invest only in companies that will be profitable