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