The SEC Has Usually Restricted Its Role in Establishing Accounting

question 50

Multiple Choice

The SEC has usually restricted its role in establishing accounting principles to

• A) specifying the information that should be included in interim financial statements.
• B) developing definitions of key accounting terms.
• C) developing accounting standards for particular industries.
• D) determining required disclosures.
• E) the promulgation and issuance of SASs (Securities Accounting Standards).

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Definitions:

Federal Government

The central government of a federation, possessing authority over national issues, and comprising of executive, legislative, and judicial branches.

Representative Democracy

A type of democracy wherein citizens elect officials to represent their interests and make legislative decisions on their behalf, rather than making those decisions directly.

User Charge

A fee paid by the users of a service or facility, directly relating to the extent of their use.

Recreation Center

A facility provided by many communities for leisure, sports, and other recreational activities.