INTRODUCTION TO FINANCIAL ACCOUNTING
There are many organizations, requirements, and credentials supporting accounting standards and the profession. We will review six acronyms associated with financial accounting.
Required
Briefly define and/or discuss the terms listed below. Use your own words. Use the background material, but it is also acceptable to use the library or other Internet resources. Explain why these concepts are important for financial accounting.
Generally Accepted Accounting Principles (US GAAP);
Financial Accounting Standards Board (FASB);
Securities and Exchange Commission (SEC);
Public Company Accounting Oversight Board (PCAOB);
Certified Public Accountant (CPA);
The 10-K and The Annual Report.
SLP Assignment Expectations
Four to six sentences are sufficient to explain each of the six terms.