Which of the following is not true regarding Accounting Series Release No. 4?
a. It stated that financial statements filed with the SEC and prepared in accordance with accounting principles for which there is no substantial authoritative support would be presumed to be misleading.
b. It implied that the SEC might in the future determine acceptable accounting practices and mandate methods to be used in reports filed with it.
c. It established an authoritative body for the development of accounting standards.
d. It indicated that the SEC was growing impatient with the accounting profession.
ANSWER: C
You might also like to view...
Courts are reluctant to order specific performance if real estate is involved
Indicate whether the statement is true or false
Which of the following is true of dissonance?
A. It is likely to result in a consumer buying the same product next time. B. It is less likely to occur when a consumer has repeatedly purchased the same product. C. It is more likely to occur with low-involvement products. D. It occurs in the adoption process after a consumer becomes interested in a product. E. It discourages a consumer from considering information once a purchase is made.
When considering reorder points and inventory position, if an item has an inventory position of 200 units, an order will be placed only if the reorder point is ________
Fill in the blanks with correct word
vAccording to a recent Rockefeller Foundation report, the financial issue Americans worry about the most is the ability to pay
A) for medical expenses. B) for retirement expenses. C) debt expenses. D) home mortgage expenses.