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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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How would you make a convincing case that open trade in goods and services as well as free flow of foreign direct investment wil

lidiya [134]

Answer:

Free trade of goods and services benefits all countries in the world. This is because of the concept of comparative advantage that tells us that some countries are better at providing specific goods and services than others.

For example, Japan is made up of relatively small islands that are very mountainous, forested, and lacking in natural resources. Besides, the country has a large population concentrated in the few flat areas. This essentially means that Japan is severly lacking in agricultural land and raw materials, and has to import most of its food, oil, natural gas, among other things. This is why the country has specialized in electronics, automobiles, and pharmaceuticals.

Brazil is the opposite: a very large country with hundreds of thousands of square miles fit for agricultural production. The country is a great exporter of soy, rice, sugar, and oil. However, the brazilian industry is not competitive, and most of its exports are to neighboring Argentina.

Without free trade, Japan could hardly feed itself, or it would do so with great difficulty. At the same time, Brazil would have a large surplus of food and raw materials, but its citizens would lack access to high-tech Japanese goods such as Toyota cars, or Sony electronic devices. Both countries would be worse-off.

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3 years ago

An express warranty is created when a seller: makes an affirmation of fact or promise concerning the goods that becomes part of

laiz [17]

Question:

An express warranty is created when a seller:

A) makes an affirmation of fact or promise concerning the goods that becomes part of the basis of the bargain.

B) uses descriptive terms as a part of the bargaining process, but the buyer does not take it into consideration when making the purchase.

C) sells goods meant for use for ordinary purposes.

D) avoids using a sample or model as the basis for the contract.

Answer:

The correct choice is A)

An express warranty is created in the contract when a supplier makes a promise concerning the goods that the buyer can hold on to as an incentive to purchase the product.

Explanation:

For example, if a consumer buys a Laptop online, but when it arrives the item is the wrong specifications, wrong color, or is dented or damaged in anyway, an <em>express warranty</em> might entitle the consumer to a refund or replacement.

This warranty usually is stated upfront prior to or during the execution of the sales transaction.

Cheers!

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3 years ago

Give an example of an output contract associated<br> with school.

Damm [24]

Answer:

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2 years ago

Phyllis invested $10,000, a portion earning a simple interest rate of 8 1 2 % per year and the rest earning a rate of 8% per yea

Vinil7 [7]

0.08x+0.085 (10000-x)=842.50
Solve for x
X= 1500 invested at 8%

10000-1500=8,500 at 8.5%

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3 years ago

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swat32

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