Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN: 9781305654174
Author: Gary A. Porter, Curtis L. Norton
Publisher: Cengage Learning
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Chapter 1, Problem 1.13E
To determine
Concept Introduction:Accounting principles are general accounting guidelines which helps business while preparing their accounts. These accounting principles guide the accountant about the basics of accounting. Accounting principles are also known as generally accepted accounting principle.
To match: Type of accounting principle with given statement.
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Students have asked these similar questions
The agency of the federal government that, among other responsibilities, prescribes the methodology for reporting accounting results for companies whose stock is publically traded is the:
a.
Federal Reserve (The Fed)
b.
Securities and Exchange Commission (SEC)
c.
Internal Revenue System (IRS)
d.
American Institute of Certified Public Accountants (AICPA)
e.
None of the Above
Describe the roles of the following organizations in establishing generally accepted accountingprinciples:a. The FASB b. The AICPA c. The SECFrom which of these organizations can you most easily obtain financial information about publiclyowned companies?
The standards, procedures, and principles companies must follow when preparing their financial
statements are known as which of the following?
Conceptual framework
Financial Accounting Standards Board (FASB)
Securities and Exchange Commission (SEC)
Generally Accepted Accounting Principles (GAAP)
Chapter 1 Solutions
Financial Accounting: The Impact on Decision Makers
Ch. 1 - Prob. 1.1KTQCh. 1 - Prob. 1.1ECh. 1 - Prob. 1.2ECh. 1 - The Accounting Equation For each of the following...Ch. 1 - The Accounting Equation Ginger Enterprises began...Ch. 1 - The Accounting Equation Using the accounting...Ch. 1 - Changes in Owners Equity The following amounts are...Ch. 1 - The Accounting Equation For each of the following...Ch. 1 - Classification of Financial Statement Items...Ch. 1 - Classification of Financial Statement Items Regal...
Ch. 1 - Net Income (or Loss) and Retained Earnings The...Ch. 1 - Statement of Retained Earnings Ace Corporation has...Ch. 1 - Accounting Principles and Assumptions The...Ch. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15MCECh. 1 - Prob. 1.16MCECh. 1 - Prob. 1.1PCh. 1 - Users of Accounting Information and Their Needs...Ch. 1 - Prob. 1.3PCh. 1 - Prob. 1.4PCh. 1 - Income Statement, Statement of Retained Earnings,...Ch. 1 - Income Statement and Balance Sheet Green Bay...Ch. 1 - Prob. 1.7PCh. 1 - Statement of Retained Earnings for The Coca-Cola...Ch. 1 - Prob. 1.9PCh. 1 - Prob. 1.10MCPCh. 1 - Prob. 1.1APCh. 1 - Users of Accounting Information and Their Needs...Ch. 1 - Prob. 1.3APCh. 1 - Prob. 1.4APCh. 1 - Income Statement, Statement of Retained Earnings,...Ch. 1 - Income Statement and Balance Sheet Fort Worth...Ch. 1 - Corrected Financial Statements Heidis Bakery Inc....Ch. 1 - Statement of Retained Earnings for Brunswick...Ch. 1 - Prob. 1.9APCh. 1 - Prob. 1.10AMCPCh. 1 - Prob. 1.1DCCh. 1 - Reading and Interpreting Chipotles Financial...Ch. 1 - Comparing Two Companies in the Same Industry:...Ch. 1 - Prob. 1.5DCCh. 1 - Prob. 1.6DCCh. 1 - Prob. 1.7DC
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Similar questions
- The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forwardThe independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forwardWhich of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)arrow_forward
- Match the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by the FASB, which is a set of concepts that guide financial reporting B. generally accepted accounting principles (GAAP) ii. independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) here in the United States C. Securities and Exchange Commission SEC) iii. standards, procedures, and principles companies must follow when preparing their financial statements D. conceptual framework iv. assumes a business will continue to operate in the foreseeable future E. going concern assumption v. independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements F. time period assumption vi. companies can present useful information in shorter time periods such as years, quarters, or monthsarrow_forwardThese are used by the FASB, and it is a set of concepts that guide financial reporting. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forwardWhat is the role of the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board?arrow_forward
- What accounting policies are disclosed in the notes accompanying a companys financial statements? Why is this disclosure important?arrow_forwardWhat type of organization primarily offers tax compliance, auditing, and consulting services? A. corporations B. public accounting firms C. governmental entities D. universitiesarrow_forwardExplain each of the following items:a. Staff Accounting Bulletins.b. Wraparound filing.c. Incorporation by reference.d. Division of Corporation Finance.e. Integrated disclosure system.f. Management’s discussion and analysis.g. Chief accountant of the SEC.arrow_forward
- Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? Group of answer choices 1.IRS (Internal Revenue Service) 2.SEC (Securities and Exchange Commission) 3.FASB (Financial Accounting Standards Board) 4. FDIC (Federal Deposit Insurance Corporation)arrow_forwardWhich of the following organizations is responsible for the creation and governance of accounting standards in the United States? O A. Securities and Exchange Commission B. Financial Accounting Standards Board C. Institute of Management Accountants D. American Institute of Certified Public Accountantsarrow_forwardEach of these parties plays a role in the quality of financial reporting. Match each group with its function. Groups Functions 1.____________ Financial AccountingStandards Board a. Group that has been given power by Congress to enforce the proper application of financial reporting rules for companies whose securities are publicly traded. 2. ___________ International AccountingStandards Board b. Independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States. 3. ___________Securities and Exchange Commission c. Independent intermediaries that help to ensure that management appropriately applies financial reporting rules in preparing the company’s financial statements. 4. ___________ Auditors d. Body that is attempting to develop a single set of high-quality, understandable global accounting standards.arrow_forward
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