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.

1. Generally Accepted Accounting Principles (US GAAP);
2. Financial Accounting Standards Board (FASB);
3. Securities and Exchange Commission (SEC);
4. Annual Report and 10-K
5. Income statement
   1. Revenues
   2. Cost of goods sold or cost of sales
   3. Gross profit
   4. Selling and administrative expenses
   5. Operating income and net income
6. Balance Sheet
   1. Assets, current versus long-term
   2. Liabilities, current versus long-term
   3. Equity and retained earnings
7. Ratio Analysis
8. Profitability Ratios
9. Liquidity Ratios
10. Debt Ratios