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lara [203]
2 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]2 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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Answer: A demand curve is built on the assumption that only the demand and price of the good/service will change.

Explanation: A demand curve is a graph that shows the change in how much demand may change if price of the good/service changes well. The graph helps connect the relationship between both price and demand

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Carolyn owns a small business that designs air conditioning units for large buildings. A construction company that's building an
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Kevin Abt noticed that people were cooking meals in their homes less often but wanted to avoid the hassle of going out to eat. T
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Opportunity.

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Which statement below is​ FALSE?
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Answer: The answer (C) is false.

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5 0
3 years ago
Darnell lives in Philadelphia and runs a business that sells pianos. In an average year, he receives $842,000 from selling piano
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Answer:

The wholesale cost for the pianos that Darnell pays the manufacturer - explicit cost  

The salary Darnell could earn if he worked as an accountant - implicit cost

The wages and utility bills that Darnell pays - explicit cost  

The rental income Darnell could receive if he chose to rent out his showroom.-implicit cost

Explanation:

Explicit cost includes the amount expended in running the business.

They include rent , salary and cost of raw materials

Explicit cost is used in determining accounting profit

Implicit cost or opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives

Implicit cost is used in determining economic profit

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If Darnell didn't start his business, he could have been working as an accountant. The amount he could have earned as an accountant is his implicit cost

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