The SEC and FASB Are Two Organizations That Are Primarily

question 137

Multiple Choice

The SEC and FASB are two organizations that are primarily responsible for establishing generally accepted accounting principles. It is true that

• A) they are both governmental agencies.
• B) the SEC is a private organization of accountants.
• C) the SEC often mandates guidelines when no accounting principles exist.
• D) the SEC and FASB rarely cooperate in developing accounting standards.

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Definitions:

Mosaicism

A cause of Down syndrome in which cell division occurs unevenly, so that some cells have 45 chromosomes and some have 47. People with mosaic Down syndrome may have fewer physical characteristics, better speech, and higher intellectual functioning, depending upon the numbers of cells affected.

Dual Diagnosis

The co-occurrence of serious behavioural or psychiatric disorders in people with developmental disabilities.

Behavioural Disorders

A range of disorders characterized by disruptive behaviors and emotional problems that last for at least six months.

Developmental Disabilities

A group of conditions due to an impairment in physical, learning, language, or behavior areas, appearing during the development period.