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3 years ago

True or false: The SEC has delegated the primary responsibility for setting accounting standards to the AICPA.

1 answer:

6 0

Does the SEC have the power to set accounting standards. The SEC has delegated the primary responsibility for setting accounting standards to the AICPA is a False statement.

<h3>What is the SEC position in the financial reporting process?</h3>

The SEC position is known to be a Commission that has been empowered with the authority under the securities laws of the United States.

They are empowered to set accounting standards to be followed by all public firms and they are known to also have the power to make sure that those standards are followed.

Conclusively, The SEC delegated accounting standard setting is said to be to FASB.

Learn more about SEC from

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One timing problem with fiscal policy to counter a recession is a "recognition lag" that occurs between the:

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Answer:

The correct answer is A

Explanation:

Recognition lag is the lag where there is time delay among when an economic shock like a bust or a sudden boom occurs and it is to be recognized by the central bankers, government and economists.

It is the timing problem with the fiscal policy for counter a recession is the recognition lag which occurs among the beginning of the recession and the time which it takes to acknowledge the recession which has started.

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3 years ago

Honest Tea makes sure consumers understand that it is the organic ingredients that truly differentiate their product from others

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Answer:

The correct answer is Transparency.

Explanation:

Within the scope of ethical values, Transparency is known as the capacity that a human being has for others to clearly understand their motivations, intentions and objectives. Similarly, Transparency focuses on carrying out practices and methods available to the public, without having anything to hide.

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3 years ago

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On January 29, Quality Marble Inc., a marble contractor, issued for cash 75,000 shares of $10 par common stock at $23, and on Ma

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Answer:

The correct answer for option (a) is shown below, and for option (b) is $2,325,000

Explanation:

According to the scenario, the computation of the given data are as follows:

(a).

Jan 29 Cash A/c Dr. $1,725,000 (75,000 × $23)

To, Common stock A/c. $750,000 ( 75,000 × $10)

To Share in excess of par value A/c $975,000 ( 75,000 × $23-$10)

May 31 Cash A/c Dr. $600,000 ( 100,000 × $6)

To, Preferred stock A/c $400,000 ( 100,000 × $4)

To, Preferred stock in excess of par value A/c $200,000 ( 100,000 × $6 - $4)

(b). Total amount invested = $1,725,000 + $600,000

= $2,325,000

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3 years ago

Jamestown Furniture Mart, Inc., sold $ 80,000 of furniture in May to customers who used their American Express credit cards. Suc

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Answer:

a. Debit Bank for $77,600; Debit Sales discount for $2.400; and Credit Sales for $80,000.

a. Debit Bank for $80,000; and Credit Sales for $80,000.

Explanation:

a. Prepare journal entries to record the sales and the subsequent receipt of cash from the credit card company.

The journal entry will look as follows:

Accounts Title Debit ($) Credit ($)

Bank (97% * 80,000) 77,600

Sales discount (3% * 80,000) 2.400

Sales 80,000

(To record sales paid for by the customer using American Express credit cards.)

b. Do the same as requirement (a), but assume the credit cards used were VISA cards (a bank credit card).

Under this scenario, the sales are NOT subject to discount and the customer will 100% of the price.

The journal entry will therefore look as follows:

Accounts Title Debit ($) Credit ($)

Bank 80,000

Sales 80,000

(To record sales paid for by the customer using VISA cards.)

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3 years ago

The relatively stable feelings, thoughts, and behavioral patterns a person has is:

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Answer:

The correct answer is letter "B": personality.

Explanation:

Personality refers to all those behaviors, cognitions, and emotions individuals have and are the result of biological factors and the interaction of people with society. In such a case, it is said that personality factors are inherent and acquired. People's personalities are different and each one of them has unique features that make it impossible for two individuals to be the same.

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3 years ago

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