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Understanding Key Concepts in Financial Accounting and Reporting Standards

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Finance - Personal Finance

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charlotte1oxhi Created by 10 mon ago

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Cards in this deck(31)
Who are the interested parties in financial accounting?
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What is the SEC and when was it created?
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What does FASB stand for and what is its role?
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What does GAAP stand for and what is its purpose?
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What is the AICPA and what is its function?
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What existed before FASB was created?
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What are the main differences between the APB and the FASB?
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What is the FASB Due Process?
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What types of pronouncements are issued by FASB?
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What is the purpose of the FASB Codification?
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What is the Expectations Gap in accounting?
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What is the Sarbanes-Oxley Act and its purpose?
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What are the major challenges in financial reporting?
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What is IFRS and who implements it?
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What are the similarities between FASB and IASB?
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What are the differences between FASB and IASB?
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What is the Conceptual Framework in accounting?
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What is the objective of financial reporting?
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What are the qualitative characteristics of financial information?
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What are the elements of financial statements?
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What are the assumptions in financial accounting?
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What are the principles of financial accounting?
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What is the constraint in financial reporting?
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What are the 5 steps of the revenue recognition principle?
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What is the Fair Value Hierarchy?
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What is the Accounting Cycle?
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What is Journalization in accounting?
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What is Posting in accounting?
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What is a Trial Balance?
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What are Adjusting Entries?
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What are Closing Entries?
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