which of the following organizations has not been instrumental in the development course hero

What is an authoritative accounting rule-making body?

An authoritative accounting rule-making body has established it and it has been accepted because of its universal application. A common set of accounting standards and procedures are called. generally accepted accounting principles.

What is the role of the Securities and Exchange Commission in the formulation of accounting principles?

sometimes primary and sometimes secondary. The body that has the power to prescribe the accounting practices and standards to be employed by companies that fall under its jurisdiction is the. SEC.

What is financial statement?

Financial statements are the principal means through which a company communicates its financial information to those outside it. True. Users of financial reports for a company use the information provided by these reports to make their capital allocation decisions. True.

What is the role of the public company accounting oversight board?

The Public Company Accounting Oversight Board has oversight and enforcement authority and establishes auditing and independence standards and rules. True. The expectations gap is due to the difference between what the public thinks accountants should do and what accountants think they can do. True.

What is financial accounting?

Financial Accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, evaluate, and control a company's operations. Click card to see definition 👆. Tap card to see definition 👆. False. Click again to see term 👆.

Why is accrual accounting used?

Accrual accounting is used because. it provides a better indication of a company's ability to generate cash flows than the cash basis.

Why is financial reporting important?

The objective of financial reporting is to report the plans made by a company to improve the productivity of its employees. False. Investors are interested in financial reporting because it provides information that is useful for making decisions. True.