===================================================================================== ACC 421 Week 3 CPA Practice FOR MORE CLASSES VISIT
participation in corporatedecisions of publicly traded companies . The SEC has a significant presence in financial markets , thedevelopment of accounting practices , and corporation-shareholder relations , and has the power to exertinfluence on entities whose actions lie within the scope of its authority .
( a ) Explain from where the Securities and Exchange Commission receives its authority .
( 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 .
===================================================================================== ACC 421 Week 3 CPA Practice FOR MORE CLASSES VISIT