Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN: 9781285595047
Author: Weil
Publisher: Cengage
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Financial accounting and reporting standards in the United States are established primarily by thea. Securities and Exchange Commission (SEC).b. Financial Accounting Standards Board (FASB).c. International Accounting Standards Board (IASB).d. The U.S. Congress.
Do the conceptual frameworks of the International Accounting Standards Board and the Financial Accounting Standards Board vary in terms of the function of financial reporting?
In what way is the Securities and Exchange Commission concerned about and supportive of accounting principles and standards?
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- These are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forwardThis is the independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forwardThe independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forward
- The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forwardWhich of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)arrow_forwardDiscuss the principles and characteristics of the International Financial Reporting Standards (IFRS) and how they differ from Generally Accepted Accounting Principles (GAAP). What are the advantages and challenges of implementing IFRS globally?arrow_forward
- Explain about the adoption of International Financial Reporting Standards and consistency in accounting practices.arrow_forwardPlease answer the following question and read the discussion question rubric: What is the primary objective of financial accounting, and explain the role of the SEC and FASB?arrow_forwardWhat is FASB Financial Accounting Standards Board?arrow_forward
- What type of circumstances would drive an organization to comply with US Generally Accepted Accounting Principles (GAAP)? Choose all that apply. Lender reporting requirements International Financial Reporting Standards (IFRS) requirements Equity investor reporting requirements An audit by the internal revenue services (IRS)arrow_forwardIdentify and explain the difference between the two systems of regulation, stating clearly which system you believe describes the International Financial Reporting Standards (IFRS)arrow_forward
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