of a business. The four main financial governing bodies include the following: • Securities and Exchange Commission (SEC) • Financial Accounting Standards Board (FASB) • Governmental Accounting Standards Board (GASB) • International Accounting Standards Board (IASB) Securities and Exchange Commission (SEC) The Securities and Exchange Commission is a U.S. regulatory agency that has the authority to establish accounting standards for publicly
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Solutions Guide: Please reword the answers to essay type parts so as to guarantee that your answer is an original. Do not submit as is Case 1-4 Generally Accepted Accounting Principles At the completion of the Darby Department Store audit‚ the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles‚” which appears in your audit report on the management’s financial statements. He observes that the meaning of the phrase must include more than
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Standards Board (FASB) was created and their mission is “to establish and improve standards of financial accounting and reporting for the guidance and education of the public‚ including issuers‚ auditors‚ and users of financial information.” (FASB.org‚ 2009a). The FASB is a private‚ not-for-profit organization whose primary purpose is to develop generally accepted accounting principles (GAAP) within the United States. The Securities and Exchange Commission (SEC) designated the FASB as the organization
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Not-for-profit entities. c. State governments. D. All of these require accounting information. e. None of these requires accounting information. Difficulty: Easy 2. Which of the following is not an objective of financial reporting described in FASB Concepts Statement No. 1? a. To provide information about how management of an enterprise has discharged its stewardship responsibility to owners. B. To measure the current market value of the business enterprise. c. To provide information so potential
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Tutorial 1 Chapter 1 9. Outline the differences between shares and debentures. Ordinary shares attract no fixed rate of dividend‚ carry voting rights and may participate in surplus assets and profits of the company – they represent ownership of x% of the company. Ordinary shares are classified as equity. The company may issue shares either fully paid or partly paid (s. 254A). If partly paid shares are issued‚ the shareholder is liable to pay calls on the shares (except in the case of no liability
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Thus‚ investors use data calculations and ratios to establish how companies measure up to one another. For instance‚ one company’s reported net income may not be equivalent to a business in the same industry if the two differ in size. Conversely‚ a profit margin ratio calculated by dividing sales into net income is equivalent to any other company regardless of size. This paper illustrates the annual report data for three firms in the manufacturing‚ service‚ and retail sectors and portrays the
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01. [pic]Sarbanes–Oxley Act Sen. Paul Sarbanes (D–MD) and Rep. Michael G. Oxley (R–OH-4)‚ the co-sponsors of the Sarbanes–Oxley Act. The Sarbanes–Oxley Act of 2002 (Pub.L. 107-204‚ 116 Stat. 745‚ enacted July 30‚ 2002)‚ also known as the ’Public Company Accounting Reform and Investor Protection Act’ (in the Senate) and ’Corporate and Auditing Accountability and Responsibility Act’ (in the House) and commonly called Sarbanes–Oxley‚ Sarbox or SOX‚ is a United States federal law enacted on July 30
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|[pic] |ACC 541 | | |School of Business | | |ACC/541 Version 5 | |
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would prove helpful for many affected. In the United States‚ the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) have worked tirelessly to create a system that works; our Generally Accepted Accounting Principles (GAAP) provide guidelines that we can trust. The International Accounting Standards Board (IASB) seeks to accomplish the same mission on a global scale through the International Financial Reporting Standards (IFRS). The goal of IFRS and US GAAP
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CHAPTER 1 FINANGIAL ACCOUNTING AND ACCOUNTING STANDARDS OVERVIEW Accounting is the language of business. As such‚ accountants collect and communicate economic information about business enterprises or other entities to a wide variety of persons. To be useful‚ financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business
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