EB1. LO 3.1 Match the correct term with its definition. A. Financial i. used by the FASB, which is a set of concepts that guide financial reporting Accounting Standards Board (FASB) B. generally independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private- accepted accounting principles (GAAP) sector businesses that use generally accepted accounting principles (GAAP) here in the United States ilili. standards, procedures, C. Securities and principles companies and must follow when Exchange Commission preparing their financial statements (SEC) D. iv. assumes a business will conceptual continue to operate in the framework foreseeable future E. going v. independent federal agency protecting the concern assumption interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements F. time vi. companies can present period useful information in assumption shorter time periods such as years, quarters, or months