Question: define these terms using these definitionsCost principle 8 . GAAP 9 . Faithful representation 1 0 . SEC 1 1 . FASB a . oversees
define these terms using these definitionsCost principle
GAAP
Faithful representation
SEC
FASB
a
oversees the creation and governance of accounting standards in the United States
b
requires an organization to be a separate economic unit
c
oversees US financial markets
d
states that acquired assets and services should be recorded at their actual cost
e
creates International Financial Reporting Standards
f
the main US accounting rule book
g
assumes that an entity will remain in operation for the foreseeable future
h
assumes that items on the financial statements are recorded in a monetary unit
i
requires information to be complete, neutral, and free from material error
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