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Accounting 1) Accounting is the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results Accounting has accountants who handle a broad range of responsibilities. They make business decisions and they prepare and interpret financial reports. 2) The SEC, which is also known as the U.S Securities and Exchange Commission, oversees the accounting industry. It includes stock exchanges, broker-dealers, investment advisors, mutual funds, and public utility holding companies. SEC is concerned mostly with promoting disclosure of financial information, putting in effect the securities laws, and protecting investors who interact with other organizations and people. B) The agency was created in 1934.Congress established the Securities and Exchange Commission to enforce the newly-passed securities laws. SEC tries to prevent businesses from scandals such as Enron, Adelphia, and Worldcom. These businesses were caught in scandals and affected many employees and investors. Later in the report the Adelphia scandal will be discussed. Another reason why this agency was created was because of the stock market crash in October 1929. C) The purpose of the SEC was to promote stability in the markets and to protect the investors and employees. It would protect many investors from losing a large sum of money.
Approximate Word count = 781
Approximate Pages = 3.1
(250 words per page double spaced)
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