what is the name of the group that has much of the responsibility for setting financial standards?

what is the name of the group that has much of the responsibility for setting financial standards?

A. the Public Companies Accounting Oversight Board

B. the American Institute of Certified Public Accountants

C. the Securities and Exchange Commission

D. the Financial Accounting Standards Board

ABC Company ordered shoes from its supplier in June. The shoes were delivered in July. ABC company paid the bill in August and sold the shoes in September. When should ABC Company recognize an expense for shoes using accrual accounting?

A. Septermber

B. August

C. July

D. June

During May, Jimmy spent $700 to buy 20 products and sold 4 of them for $60 each. Jimmy should record ___ as expense for May?

A. $1200

B. $240

C. $700

$140

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