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:

Anxiety

A feeling of worry, nervousness, or unease about something with an uncertain outcome, often accompanied by physical sensations such as increased heart rate.

Unconscious Mind

The part of the mind that is beyond consciousness, harboring thoughts, memories, and desires that are not immediately accessible but influence behavior.

Superego

The part of the personality in Freudian psychoanalysis that represents internalized ideals and provides standards for judgment.

Freud

Sigmund Freud, an Austrian neurologist who established psychoanalysis, a technique for addressing mental disorders through conversations between a patient and a psychoanalyst.