General purpose financial statements are prepared

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6. General-purpose financial statements are prepared primarily for:
7. Economic consequences of accounting standard-setting means:
8. The expectations gap is:
3Concepts for Analysis CA1-14:CA1-14 (Securities and Exchange Commission) The U.S. Securities and Exchange Commission (SEC) was created in 1934 and consists of five commissioners and a large professional staff. The SEC professional staff is organized into five divisions and several principal offices. The primary objective of the SEC is to support fair securities markets. The SECalso strives to foster enlightened stockholder participation in corporate decisions of publicly traded companies. The SEC has a significant presence in financial markets, the development of accounting practices, and corporation-shareholder relations, and has the power to exert influence on entities whose actions lie within the scope of its authority.(a) Explain from where the Securities and Exchange Commission receives its authority.(b) Describe the official role of the Securities and Exchange Commission in the development of

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