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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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• 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.
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• 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.
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 • 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.  
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• 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. 
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• 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.
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 • 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.
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What are “securities”?
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