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lara [203]
3 years ago
5

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

Business
1 answer:
denis23 [38]3 years ago
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

brainly.com/question/8002159

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Dunn received 100 shares of stock as a gift from Dunn's grandparent. The stock cost Dunn's grandparent $32,000, and it was worth
Romashka-Z-Leto [24]

Answer:

The amount of gain or loss that DUNN should report is $0.

Explanation:

Here we have to take out what would be the gain or loss for Dunn when he sells the stock given to him as a gift by his grandparents. Here we have to clear out what would be the Dunn basis for gain or loss, so that we can tell whether he earned a gain or loss.

For Dunn to take out the basis for gain would be similar to the donors ( in this case his grandparents ) basis for gain which is $32,000 AND Dunn has sold the stock for $29,000, so he definitely hasn't made the gain.

For Dunn to take out the basis for loss , he will suffer loss when if the amount at which he sells the stock is less than the amount which was at the date of transfer of stock $27,000, and as it is given he sells the stock at $29,000 , which is more than $27,000, so he definitely hasn't suffered loss also.

Thus we can say that he has neither suffered loss nor earn a gain.

5 0
3 years ago
Jennifer Company has two products: A and B. The company uses activity-based costing. The estimated total cost and expected activ
olya-2409 [2.1K]

Answer:

B) = $38.44

Explanation:

<em>Activity-based costing is a form of absorption costing where overheads are charged to product using cost drivers. Under this method, overheads are first analyzed and categorized by the activities responsible for them and then charged to product based on the amount of benefits enjoyed using cost drivers.</em>

Activity rate is calculated as:

<em>Activity cost for the period / Total cost drivers for the period</em>

<u><em>Activity rate for supporting customers:</em></u>

<em>The appropriate cost driver to allocate supporting customer activity is the number of customers as given.  This is so because it is most likely that the number of customers served will be a major factor that influences the supporting customers activity costs. </em>

<u><em>Activity rate for supporting customers </em></u>

= Supporting customers overhead/total number of customers

= $34,600/(600+300)

= $38.44

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Answer:

Unit contribution margin= $15

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Giving the following information:

These items all add up to $10 on average. Jamara charges each participant $25 for each sign they make.

The contribution margin is the result of deducting from the selling price, the unitary variable cost.

Unit contribution margin= selling price - unitary variable cost

Unit contribution margin= 25 - 10

Unit contribution margin= $15

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When an employee does the work necessary to remove physical dirt or food residue from a surface, that is referred to as?
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They are referred to as a janitor or a cleaning service. They are the ones responsible of keeping a place in good condition and to make everything neat and dirt free as possible. It could be described above as removing physical dirt or food from the surface is their job description as they make sure that the place is clean, neat and dirt free.
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