ACC 421 Week 2 Team Assignment CA1-3 , CA 1-14 , E3-14 , P3-11
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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