Financial Accounting > EXAM REVIEW > Intermediate Accounting test 1 review | Download for quality grades | (All)

Intermediate Accounting test 1 review | Download for quality grades |

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Chapter 1 The demand for and supply of financial accounting information Generally accepted accounting principal (GAAP) Generally accepted accounting principles (GAAP) are a common set of accounting... principles, standards and procedures that companies must follow when they compile their financial statements. International financial reporting standard (IFRS) SEC- form 10k A Form 10-K is an annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. Financial accounting standards board (FASB) The Financial Accounting Standards Board (FASB) is a private, non-profit organization standard setting body whose primary purpose is to establish and improve generally accepted accounting principles (GAAP) within the United States in the public's interest. Role of the SEC and accounting standards Main components of the AICPA code of professional conduct the four parts of the AICPA Code of Professional Conduct are principles, rules of conduct, interpretations of the rules of conduct and ethical rulings. Of these parts, only the rules of conduct are enforceable. B. Principles set the ideal standards related to ethical conduct stated in philosophical terms while rules imply the minimum standards of ethical conduct stated as specific rules. C. If an auditor fails to follow the rules of conduct enforcement actions include loss of the CPA certificate and/or license to practice. D. The most recent annual report of AICPA disciplinary activity found was for 2012. It indicated 88 cases of expelled or suspended, 161 a [Show More]

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