Decide which of the following statements are true. I. The Financial Accounting Standards Board has the sole responsibility for setting generally accepted auditing standards. II. Generally accepted accounting principles are set solely by the Securities and Exchange Commission. III. All financial statements submitted to the SEC including annual (10-K) and quarterly (10-Q) statements must be audited by an independent, certified public accountant (CPA). Select one: a. One is true. b. Two are true. c. All are true. d. All are false.

If the ceo of a large, diversified, firm were filling out a fitness report on a division manager (i.e., "grading" the manager), which of the following situations would be likely to cause the manager to receive a better grade? in all cases, assume that other things are held constant.a. the division's basic earning power ratio is above the average of other firms in its industry.b. the division's total assets turnover ratio is below the average for other firms in its industry.c. the division's debt ratio is above the average for other firms in the industry.d. the division's inventory turnover is 6, whereas the average for its competitors is 8.e. the division's dso (days' sales outstanding) is 40, whereas the average for its competitors is 30.