Which of the Following Statements Is Incorrect with Respect to the Structure

question 65

Multiple Choice

Which of the following statements is incorrect with respect to the structure of the SEC?

• A)It is composed of seven commissioners appointed by the president of the United States.
• B)The president selects one commissioner to chair the commission.
• C)Each commissioner serves a five-year term.
• D)Commissioners' terms are staggered.
• E)Commissioners meet to assess whether existing regulations are successfully preventing abuses and to revise the regulations as needed.

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Definitions:

Carrying Amount

The net value of an asset or liability according to a company’s financial statements, calculated as the original cost minus any depreciation, amortization, or impairment costs.

Supplies Account

An account used to track the cost of supplies consumed during a period or the supplies on hand at the end of a period.

Adjusting Entry

A journal entry made at the end of an accounting period to update the ledger for revenues and expenses that have been earned or incurred but not yet recorded.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset, reducing its carrying value on the balance sheet over time.