Which of the Following Is a True Statement

question 15

Multiple Choice

Which of the following is a true statement?

• A)The SEC initially required the accounting profession to consult with it before setting any specific accounting principles.
• B)The SEC was created by Congress to oversee the accounting profession.
• C)The SEC was given authority to prescribe the form and content of financial information filed with the SEC.
• D)The SEC formed the Committee on Accounting Procedure to develop a comprehensive set of accounting principles.

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Definitions:

NAFTA

The North American Free Trade Agreement, a treaty between the United States, Canada, and Mexico designed to eliminate most tariffs on trade between them, promoting economic growth.

U.S. Trade

The exchange of goods and services between the United States and other countries, including imports and exports.

Latin American Countries

Nations located in the Americas where Romance languages, primarily Spanish and Portuguese, are spoken.

North American Free Trade Agreement (NAFTA)

A treaty between the United States, Canada, and Mexico that eliminated most tariffs and trade barriers between the countries, effective from 1994 until replaced by the USMCA in 2020.