Ch 1 Notes-1 - 6 GAAP Two authorities primarily responsible for establishing GAAP in the United States are the and the 1-1-7 SEC and FASB S and E C

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Understanding Financial Statements EIGHTH EDITION Lyn M. Fraser Aileen Ormiston Chapter 1 – An Overview
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Map or Maze Financial statements are potentially both MAP and MAZE 1- 1- 3
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Our Objective To ensure that financial statements serve as a map, not a maze The better one can read and understand the financial statements, the more useful they are as a __________ to intelligent decision-making 1- 1- 4
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Volume of Information: The Annual Report Financial statements Notes to the financial statements The auditor’s report Management’s discussion Material included at the imagination and discretion of management 1- 1- 5
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Financial Statements Prepared according to generally accepted accounting principles (________) Present financial information that is ______________________ by users AND ____________ and __________ for decision-making. 1- 1-
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Unformatted text preview: 6 GAAP Two authorities primarily responsible for establishing GAAP in the United States are the _ _ _ and the _ _ _ _ 1-1-7 SEC and FASB S _______________ and E _________________ C ___________________ 1-1-8 SEC stands for F __________ A _________ S __________ B ________ FASB issues Statements of Financial Accounting Standards ( SFASs ) and Interpretations . . FASB stands for The SEC and FASB Have worked closely together in the development of accounting policy 1-1-9 The SEC and FASB 1-1-10 10 Where to Find a Company’s Financial Statements • Form 10-K - can be accessed through the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) database at www.sec.gov • Annual report • Websites – UF Business Library 1-1-11 11...
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This note was uploaded on 02/10/2011 for the course AEB 3103 taught by Professor Cazanova during the Spring '08 term at University of Florida.

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Ch 1 Notes-1 - 6 GAAP Two authorities primarily responsible for establishing GAAP in the United States are the and the 1-1-7 SEC and FASB S and E C

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