Question

Which of the following statements regarding the Securities and Exchange Commission (SEC) is not true?
a. SEC rules frequently require disclosures in addition to those required by GAAP.
b. The SEC has the authority to establish and enforce accounting rules for public companies.
c. Public companies must register with the SEC.
d. The SEC is a private professional organization.

Answer 1

Answer:

d. The SEC is a private professional organization.

Explanation:

SEC stands for Securities and Exchange Commission. It is the United States of America's federal government agency which regulates the market laws.

The main function of this body is to maintain fair and efficient market, protect the investors and facilitate the capital formation.

All the companies must be  a part of the SEC agency as given by the federal law of the US.