ACC301Week1

ACC301Week1 - LaSheba Barnhill ACC 301 Week 1 Assignment...

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LaSheba Barnhill ACC 301 Week 1 Assignment Chapter 1: CA1-4: The viewpoint of each company voluntarily disclosing the types of information it considered important, instead of having mandating accounting standards could cause irregularities in the report that may not be visible to an investor. Lack of familiarity with the reports would take a long time to gain a good comparable understanding of each report. For the investors to familiarize themselves with every company’s diverse accounting and reporting practice, would make it nearly impossible to gain a good understanding in a reasonable amount of time. We wouldn’t be able to prove negligence or criminal intent because there would be no set standard. It would open the door for loopholes and fraud. Which means it would be wasteful and inefficient if we didn’t have set standards. CA 1-7: The government entity that provides oversight is the SEC. Its role in the standard-setting process is it requires most companies that issue securities to the public or are listed on a
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ACC301Week1 - LaSheba Barnhill ACC 301 Week 1 Assignment...

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