Part I. Discuss the terms listed below in detail by expanding on the definition as given and explaining in depth why these concepts are important to financial statements.
- Generally Accepted Accounting Principles (US GAAP);
- International Accounting Standards (IFRS);
- Securities and Exchange Commission (SEC);
- Annual report
- 10-K
Part II. Explain the accounting equation and prepare a table showing the equation and show a list of accounts belonging to each category in the equation. You may include five accounts for each category.
Part III. Comment on the primary intended audience of the financial statements. What other groups that may be interested in the financial information released by the company?