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2 years ago

what is the relationship between the securities and exchange chommisison and accounting standard setting in the united states

Business

1 answer:

zlopas [31]2 years ago

3 0

Complete Question:

What is the relationship between the Securities and Exchange Commission and accounting standard setting in the United States?

A) The SEC requires all companies listed on an exchange to submit their financial statements to the SEC.

B) The SEC coordinates with the AICPA in establishing accounting standards.

C) The SEC has a mandate to establish accounting standards for enterprises under its jurisdiction.

D) The SEC reviews financial statements for compliance.

Answer:

C) The SEC has a mandate to establish accounting standards for enterprises under its jurisdiction.

Explanation:

Accounting principle can be defined as a general guideline to be followed by accountants or financial institutions when they record and report their financial transactions.

The Securities and Exchange Commission (SEC) is a governmental agency saddled with the sole responsibility of regulating the securities or capital markets, as well as protecting investors in a country.

In the United States of America, the Securities and Exchange Commission (SEC) as an independent government agency was established under the Securities Act of 1933 and the Securities and Exchange Act of 1934 of the United States of America. It has the power to propose securities rules and regulations, and enforce federal securities law in the securities market.

GAAP is an acronym for Generally Accepted Accounting Principles, it comprises of the accounting standard, procedures and principles used by public institutions in the United States of America. The U.S GAAP is issued by the Financial Accounting Standards Board (FASB) and adopted by the U.S. Securities and Exchange Commission (SEC).

IFRS is an acronym for International Financial Reporting Standards, it comprises of a set of accounting standards or rules issued by the International Accounting Standards Board (IASB). The International Financial Reporting Standards ensures that statement of income, when reported by accountants is consistent, transparent and comparable globally.

Hence, the relationship between the Securities and Exchange Commission and accounting standard setting in the United States is that, The SEC has a mandate to establish accounting standards for enterprises under its jurisdiction.

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Most clients rather than write out a testimonial are more willing to approve a testimonial that you've written as it saves time for them and improves their relationship with you.

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3 years ago

Ralph pays his workers $ 100 each, and labor is the only variable cost. At a quantity of 5000 chickens, how many workers does he

Flura [38]

Answer:

He hires 8 workers

Explanation:

The total cost is $1600 for 5,000 chickens minus the fixed cost of $800, which equals $800. The total cost is total of fixed cost and variable cost as in absence of production the total variable cost is zero so from this we can conclude that total fixed cost is zero.

Then divide the total variable cost ($800) buy what Ralph pays his workers ($100), which comes to 8.

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3 years ago

Which of the following institutions makes up the largest part of the Federal Reserve System organization

vlada-n [284]

The Correct answer choice for question 1 is : <u>Federal Reserve Banks</u>

<h3>What is Federal Reserve Banks?</h3>

While the Board of Governors is a sovereign government agency, the Federal Reserve Banks are set up like private companies. Member banks hold stock in the Federal Reserve Banks and earn profits. The Federal Reserve's interest is determined principally from the interest on U.S. government securities that it has received through open market operations.

AND

The Correct answer choice for question 2 is : <u>Buy government securities</u>

<h3>What is Recession?</h3>

A recession is a business cycle recession which occurs in a general slowdown in financial activity. Macroeconomic indicators such as GDP, finance spending, capacity utilization, household income, business profits, and inflation fall, while failures and the unemployment rate rise.

Therefore, we can conclude that the correct option of 1 is (B) and 2 is (A).

Your question is incomplete, but most probably your full question was:

1. Which of the following institutions makes up the largest part of the Federal Reserve System organization?

A. Board of Governors

B. Federal Free Market Committee

C. Federal Reserve Banks

D. Member banks and other depository institutions

2. If the United States falls into a recession, which action would the Federal Reserve take to encourage employment?

A. Buy government securities

B. Increase reserve requirements

C. Raise federal funds and prime rates

D. Sell government securities

Learn more about Federal Reserve System on:

brainly.com/question/999538

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2 years ago

A revenue variance is the:

IceJOKER [234]

Answer: Option C

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Organisations calculate revenue variance to identify the reasons they are not performing well or the qualities they are performing more than expected.

This measure helps organisation in decision making as to whether they should make changes in their process, and if so then wheat changes, or should remain as they are.

6 0

3 years ago

Macee Department Store has three departments, and it conducts advertising campaigns that benefit all departments. Advertising co

Deffense [45]

Answer:

(i) $34,200

(ii) $55,860

(iii) $23,960

Explanation:

Total sales = $ 240,000 + $392,000 + $168,000

= $800,000

Department 1:

sales = $240,000

Percent of total = sales ÷ Total sales

= $240,000 ÷ $800,000

= 0.3

Allocated amount = % of total × advertising to allocate

= 0.3 × $114,000

= $34,200

Department 2:

sales = $392,000

Percent of total = sales ÷ Total sales

= $392,000 ÷ $800,000

= 0.49

Allocated amount = % of total × advertising to allocate

= 0.49 × $114,000

= $55,860

Department 3:

sales = $168,000

Percent of total = sales ÷ Total sales

= $168,000 ÷ $800,000

= 0.21

Allocated amount = % of total × advertising to allocate

= 0.21 × $114,000

= $23,940

3 0

3 years ago