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:

Corporate-Leaning

Describes policies, practices, or attitudes that favor the interests of corporations or are biased towards business perspectives.

Media Content

The various forms of communication and information that are broadcasted or published through different media outlets including news, entertainment, and advertising.

Government Regulation

The imposition of rules by government, often to correct market failures or protect citizens' rights and well-being.

Media Outlets

Organizations that disseminate information to the public via various platforms such as television, radio, newspapers, and the internet.