ACC 421 Week 3 CPA Practice For more course tutorials visit www . uophelp . com
securities markets . The SEC also strives to foster enlightened stockholder 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 .
a . Identify the items in the cash-basis financial statements that make cash-basis accounting inconsistent with the theory underlying the elements of financial statements . b . ==============================================
ACC 421 Week 3 CPA Practice For more course tutorials visit www . uophelp . com