the SEC is a private organization of accountants.
B. the SEC often mandates guidelines when no accounting principles exist.
C. the SEC and FASB rarely cooperate in developing accounting standards.
D. they are both governmental agencies.
2) Auditing is
A. a part of accounting that involves only recording of economic events.
B. an area of accounting that involves such activities as cost accounting, budgeting, and accounting information systems.
C. conducted by the Securities and Exchange Commission to ensure that registered financial statements are presented fairly.
D. the examination of financial statements by a CPA in order to express an opinion on their fairness