Chapter 2 textbook P40-49

Chapter 2 textbook P40-49 - 2.1 The stockholders report...

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2.1 The stockholders’ report Generally accepted accounting principles (GAAP): the practice and procedure guidelines used to prepare and maintain financial records and reports; authorized by the Financial Accounting Standards Board (FASB). Financial Accounting Standards Board (FASB): the accounting profession’s rule- setting body, which authorizes generally accepted accounting principles (GAAP) Public Company Accounting Oversight Board (PCAOB): A non-for-profit corporation established by the Sarbanes-Oxley Act of 2002 to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports. Securities and Exchange Commission (SEC): the federal regulatory body that governs the sale and listing of securities. Stockholders’ report: annual report that publicly owned corporations must provide to stockholders; it summarizes and documents the firm’s financial activities during the past year. Letter to stockholders: typically, the first element of the annual stockholders’ report
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Chapter 2 textbook P40-49 - 2.1 The stockholders report...

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