Principles of accounting I midterm Exam.docx - Principles...

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Principles of accounting I midterm Exam*What measurement activities should the accounting process do? (page 10 & 26)
Primary focus is to regulate the interstate sale of stocks and bondsrequires companies under its jurisdiction to submit audited annualfinancial statements to the agency which it then makes available to thegeneral public.The SEC has the power to set the accounting principles used by thesecompanies, but the agency has largely delegated that principle-settingresponsibility to the FASB*Accounting EquationThe balance sheet depicts a framework called the accounting equation.oStates that the sum of a business’s economic resources must equal the sum ofany claims on those resources.

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Term
Fall
Professor
Alisa Sattler
Tags
Balance Sheet, Income Statement, Revenue, Generally Accepted Accounting Principles, Financial Accounting Standards Board

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