Chapter 3, Problem 1EB

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 months