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Financial Reporting and Analysis Week 2 FIN 519 Exam Questions and Complete Solutions Graded A+
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Financial Reporting and Analysis Week 2 FIN 519 Exam Questions and Complete Solutions Graded A+
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Financial Reporting andAnalysis Week 2 FIN 519
Exam Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, what rules r accountant required to follow ? - Answer: US GAAP (generally accepted accounting
principles)
help to determine things such as how assets are measured when assets and liability incurred
revenue gain expense loss recognition
also telling us what info has to be include in the report
who provides input into the various accounting rules? - Answer: Security and Exchange Commision,
unions, AICPA(american institute of certified public accountants), investors , accountants, politicians,
lenders etc
Provide input to
Financial Accounting standard Board
Help ser
Generally Accepted Accounting Principles (GAAP)
Security and Exchange Commission (SEC) - Answer: plays an active role in the monitoring and enforcing
accounting standards. All public companies must file audited financial statement with SEC.
-independent, quasi-judicial government agency
-Administer securities regulation & disclosures
-Can modify & set GAAP, if necessary
-rarely directly challenges FASB(financial accounting
standard board)
-Major player in global accountikng
what are the various reports that a public company must file with the SEC? - Answer: SEC -security
exchange commision
Statutory Financial Reports
need to files with SEC - Answer: Form 10-k (annual report:most comprehensive report,filing once a year
) includes management discussion analysis, financial statement, notes to financial statement etc
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