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:

Regio-

A prefix in chemistry that describes the position or orientation of functional groups in a molecule relative to each other.

Stereochemical Detail

Information regarding the three-dimensional arrangement of atoms within a molecule and how this arrangement affects chemical behavior and reactivity.

Regio-

A prefix in chemistry indicating the region or position in a molecule where a reaction takes place, often used in context with selectivity.

Stereochemical Detail

Information regarding the three-dimensional arrangement of atoms or groups within molecules, which can influence physical and chemical properties.