71.Listed below are the names of several organizations involved in the process of establishing standards for financial reporting. Following the list is a series of statements.
a.Securities and Exchange Commission (SEC)
b.International Accounting Standards Board (IASB)
c.Financial Accounting Standards Board
____1.Reporting standards issued by this organization are legally enforceable. Failure to adhere to them is a violation of law.
____2.Reporting standards issued by this organization only apply to companies listed on U.S. securities exchanges..
____3.Reporting standards issued by this organization apply to all U.S. companies, whether publicly traded or privately held.
____4.This organization has the legal authority and the responsibility to oversee financial reporting in the U.S.
____5.Requires 10 out of 16 board members’ approvals before a standard is issued.
____6.This organization is government agency established by the U.S. Congress.
Match each organization with its descriptive statement by placing the letter of the appropriate organization in the space provided. (Note: Organizations may be used more than once or not at all.)
72.Listed below are some of the steps the FASB goes through before issuing a new standard.
____b.Deliberate on findings
____c.Invitations to comment
____e.Issue Exposure Draft
____g.Modify Exposure Draft
Indicate the proper sequence of these steps.