1. Communication of economic events is the part of the accounting process that involves A) identifying economic events. B) quantifying transactions into dollars and cents. C) preparing accounting reports. D) recording and classifying information.
2. The SEC and FASB are two organizations that are primarily responsible for establishing generally accepted accounting principles. It is true that A) they are both governmental agencies. B) the SEC is a private organization of accountants. C) the SEC often mandates guidelines when no accounting principles exist. D) the SEC and FASB rarely cooperate in developing accounting standards.