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.

Recognize the significance and usage of the Customer List in QBO.

Identify the meaning and characteristics of a transaction in a business context.

Understand the principles of debits and credits in accounting.

Comprehend the treatment and purpose of Equity Accounts in accounting.