Financial Accounting

Introduction to Financial Accounting

There are many organizations, requirements, and credentials supporting accounting standards and the profession. We will review six acronyms associated with financial accounting.
Briefly define and/or discuss the terms listed below. Use your own words. Use the background material, but it is also acceptable to use the library or other Internet resources.  Explain why these concepts are important for financial accounting.

  • Generally Accepted Accounting Principles (US GAAP);
  • Financial Accounting Standards Board (FASB);
  • Securities and Exchange Commission (SEC);
  • Certified Public Accountant (CPA)
  • Annual Report
  • 10-K

SLP Assignment Expectations

Two or three sentences are sufficient to explain each of the six items. Do not use an essay format.
Show sources when appropriate, and APA format is suggested but not required.
The objective for this assignment is to analyze accounting concepts for financial accounting.