Which of the following is a true statement?
a. The SEC initially required the accounting profession to consult with it before setting any specific accounting principles.
b. The SEC was created by Congress to oversee the accounting profession.
c. The SEC was given authority to prescribe the form and content of financial information filed with the SEC.
d. The SEC formed the Committee on Accounting Procedure to develop a comprehensive set of accounting principles.
ANSWER: C
You might also like to view...
The allocation of income tax expense across periods when book and tax income differ is called:
A. intraperiod tax allocation. B. constructive receipt allocation. C. interperiod tax allocation. D. current income tax allocation.
Which of the following statements is true of results-oriented rating methods of appraising employee performance?
A. They place primary emphasis on what an employee produces. B. They evaluate each employee in terms of performance standards without reference to others. C. They use critical incidents to describe various levels of performance. D. They focus on employee behaviors.
______ is how much of one country’s currency one gets for that of another country.
a. Balance of trade b. Purchasing power c. Standard of living d. Exchange rate
Which of the following would be typical of Braverman’s view on management?
a. Management is nothing but a tool of the capitalist b. Middle management and the capitalist were equals c. Management are delegated the responsibility of operating surveillance systems on labour d. Both a and c