The Securities and Exchange Commission (SEC) is the government agency that has primary responsibility for setting accounting standards in the U.S.
Answer the following statement true (T) or false (F)
False
Currently, the Financial Accounting Standards Board (FASB) has the primary responsibility for setting the underlying rules of accounting in the United States. The Securities and Exchange Commission (SEC) is responsible for the functioning of stock markets.
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The auditor tests the quantity of materials charged to work in process by tracing these quantities to:
A. receiving reports. B. perpetual inventory records. C. material requisitions. D. cost ledgers.
Private label or store brands are also known as generics
Indicate whether the statement is true or false
Equipment with a cost of $60,000 is sold for $5,000 . Assuming accumulated depreciation of $55,000, how much of a gain or loss is recorded on the sale of the equipment for financial reporting purposes?
a. $5,000 gain b. Need more information to calculate gain or loss. c. $0 d. $5,000 loss
Which of the following statements about markups is true?
A. It's easier for a producer to administer the prices consumers pay for products if the markup used varies from one intermediary to the next. B. The lower the markup, the lower the profit. C. A firm can lose money even when using a high markup. D. Markup percentages are computed as a percentage of the cost of the product. E. None of these statements is true.