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:

Citing Cases

The practice of referencing previous court decisions in legal arguments to support a current case's position or interpretation of the law.

Citator

A research tool that tracks the judicial history and subsequent treatment of legal cases, statutes, and regulations.

Parallel Citations

Reference system in legal documents that provides multiple sources or reporters where a legal case can be found.

Court's Opinion

The official decision or interpretation made by a judge or court on the issues presented in a case.