At publicly traded firms,the accounting and finance functions are responsible for accurately disclosing (reporting)the firm's financial condition to the ________.
A)FASB
B)SEC
C)IRS
D)SOX

Question

Quizplus · Accepted Answer

The Securities and Exchange Commission (SEC) requires publicly traded firms to file regular financial reports, including annual and quarterly statements, to inform investors of the company's financial condition. The accounting and finance functions are responsible for preparing and disclosing these reports in accordance with the SEC's regulations. The Financial Accounting Standards Board (FASB) establishes accounting standards, while the Internal Revenue Service (IRS) is responsible for collecting taxes. The Sarbanes-Oxley Act (SOX) is a law that regulates corporate governance and financial reporting, but it does not dictate the specific content of financial reports.

At Publicly Traded Firms,the Accounting and Finance Functions Are Responsible