Worksheet "5" - Chapter 5 Players in the Game - responsible for providing the financial reports - group of individuals who represents shareholders' interests I - provides an independent assessment of whether the statements conform to GAAP rules (internal, external) -- provides legal standards for various steps in the process (e.g., FASB, SEC, PCAOB, Sarbanes-Oxley standards) Major Regulatory Bodies: - major government administrative body whose purpose is to protect investors independent board who sets Generally Accepted Accounting Principles (GAAP) -- independent board who oversees audit standards. Must be followed by independent auditors working for public companies Major "Forms" - major report presented by public companies at year-end. Contains yearly financial statements, disclosure notes, and other important information for investors - report presented by public companies each quarter. Reviewed by the auditor, but does not require a full-blown audit review. - report presented by public companies when a major event occurs. They must be filed if the event would be important to investors. Bank Reconciliation: Jeremy's Jewelry has the following information on December 31", 2019: Ending Cash Balance from Bank $50,000 NSF Check $500 Deposits Recorded by Jeremy's Jewelry, but not the Bank $12,000 Interest Charge from Bank $1,000 What amount of cash should Jeremy's Jewelry report on its end of year balance sheet