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What are examples of the external and internal users of accounting information?
What is the objective of financial reporting?
The objective of financial reporting is to provide relevant and reliable information about an organization's financial performance and position to external users, such as investors, creditors, and regulators. This information helps users make informed decisions regarding the allocation of resources and assessing the organization's financial health.
What is GAAP? Which government agency has the legal authority to establish accounting standards for publicly traded firms?
Which private-sector body is currently responsible for setting the US accounting standards?
What is FASB Accounting Standards Codification (ASC)?
What is the Sarbanes-Oxley Act? What are its main stipulations?
What is Conceptual Framework?
What are the fundamental qualities of useful information?
What is relevance? What are the three ingredients of relevant information and their definitions?
What is faithful representation? What are the three ingredients of faithful representation and their definitions?
What are the enhancing qualities and their definitions?
What are elements of financial statements?
What are the assumptions of the accounting model and their meaning?
What are the four measurement principles and some examples of each principle?
What is the revenue recognition principle? What is the expense recognition principle?
What does a complete set of financial statements include?
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