PAI_1_Securities_and_Exchange_Acts_of_1933_and_1934_KC

PAI_1_Securities_and_Exchange_Acts_of_1933_and_1934_KC -...

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Unformatted text preview: • Enduring Understanding The Securities and Exchange Acts of 1933 and 1934 established the Securities and Exchange Commission. It also required accountants to follow strict procedures called standard accounting practices. Overall accounting is now conducted more honestly since the acts were passed. • Essential Questions •How did the acts shape the future of accounting. •Why is it important to accountants as professionals to have these rules set in place. • Explain what securities are. • Discuss why the Securities Acts were passed. • Explain what the Securities Acts did. • Discuss what the Securities Acts did for the future of accounting. • Identify and Explain the different types of fraudulent activities. • Accounting is the system of records, reporting, and verifying financial assets, income, and expenses into ledgers. • This financial information is used by lenders, banks, investors, and many other financial and business authorities to allocate finances, expenses and to make informed financial decisions for their companies and businesses. • The two acts shifted accountancy in a new direction by passing laws that required accountants to record multiple accounts and more detailed accounts for businesses and investors. • The Securities Act of 1933 and 1934 not only shifted the way accountancy was done, but it also paved the way for a better future for accountants as professionals. • The two acts caused significant increase in the necessity of accountants, and a variety of different types of accounting including tax accounting, management accounting, financial accounting and open-book accounting. • After the passing of the two laws accounting as a professional career has only since expanded and improved. There are colleges all over the world that specialize in accounting, and prepare students to take accounting skills and make them highly profitable. • Accountants are used by many different types of businesses like law firms, hospitals, public services, small and large businesses, and corporations. • Accountants are even hired by high grossing individuals like movie actors and athletes. • What are “securities”?...
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This note was uploaded on 03/05/2011 for the course ACG 3302 taught by Professor Fernadez during the Fall '09 term at FIU.

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PAI_1_Securities_and_Exchange_Acts_of_1933_and_1934_KC -...

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