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(b) Describe the official role of the Securities and Exchange
Commission in the development of financial accounting theory and
practices.
(c) Discuss the interrelationship between the Securities and Exchange
Commission and the Financial Accounting Standards Board with
respect to the development and establishment of financial accounting
theory and practices.
E3-14 (Closing Entries) Presented below is information related to
Gonzales Corporation for the month ofJanuary 2014.
P3-11 (Cash and Accrual Basis) On January 1, 2014, Norma Smith
and Grant Wood formed a computer sales and service company in
Soapsville, Arkansas, by investing $90,000 cash. The new company,
Arkansas Sales and Service, has the following transactions during
January.
Identify the items in the cash-basis financial statements that make
cash-basis accounting inconsistent with the theory underlying the
elements of financial statements.
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ACC 421 Week 3 CPA Practice

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ACC 421 Week 3 CPA Practice 1
Question 1:
Financial statements shall include disclosures of material transactions
between related parties except