The Securities Exchange Commission (SEC) Is Concerned with

question 33

Multiple Choice

The Securities Exchange Commission (SEC) is concerned with

• A)Developing a new conceptual framework in order to reduce differences in financial reports for global companies.
• B)Setting accounting rules for all companies that are incorporated in the United States.
• C)Setting accounting rules for publicly-traded companies in the United States.
• D)Working to reduce differences in accounting reports issued by governmental units.

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Definitions:

Interest Bearing

A term indicating that a financial instrument or account accrues interest over time, such as a loan, bond, or savings account.

Note Payable

A written promise to pay a certain amount of money on a specific future date, representing a liability for the issuer.

Account Payable

A liability represented by an obligation to pay off a short-term debt to its creditors or suppliers.

Notes Payable

An accounting term for amounts owed by a business that are evidenced by promissory notes.