===================================================================================== 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