Question: PART I: Briefly define and/or discuss the terms listed below. Use your own words. Use the background material, but it is also acceptable to use the library or other Internet resources. Explain why these concepts are important for financial accounting.
• Generally Accepted Accounting Principles (US GAAP);
• Financial Accounting Standards Board (FASB);
• Securities and Exchange Commission (SEC);
• Certified Public Accountant (CPA)
• Annual Report
• 10-K
- Two or three sentences are sufficient to explain each of the six items. Do not use an essay format.
- Show sources when appropriate, and APA format is suggested but not required.
- The objective for this assignment is to analyze accounting concepts for financial accounting.
PART II: Review the three components in the background material to answer three questions about accounting and its purpose:
• What is accounting?
• What is the importance of accounting?
• What are corporate financial statements?
Case Assignment:
Required: Create a table with four columns as shown below and complete the last three columns using the expectations listed in Assignment Expectations.