Brief Exercise 18-5
Brief Exercise 18-6
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ACC 421 Week 2 Team Assignment CA1-3, CA 1-14, E3-14,
P3-11
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CA1-3 (Financial Reporting and Accounting Standards) Answer
the following multiple-choice questions. (All answers are in bold
type.)
1. GAAP stands for:
2. Accounting standard-setters use the following process in
establishing accounting standards:
3. GAAP is comprised of:
4. The authoritative status of the conceptual framework is as follows.
5. The objective of financial reporting places most emphasis on:
6. General-purpose financial statements are prepared primarily for:
7. Economic consequences of accounting standard-setting means:
8. The expectations gap is:
CA 1 – 14 (Securities and Exchange Commission)The U.S.
Securities and Exchange Commission (SEC)was created in 1934 and
consists of five commissioners and a large professional staff. The
SEC professionalstaff is organized into five divisions and several
principal offices. The primary objective of the SEC is tosupport fair
securities markets. The SEC also strives to foster enlightened
stockholder participation in corporatedecisions of publicly traded
companies. The SEC has a significant presence in financial markets,
thedevelopment of accounting practices, and corporation-shareholder