SLP1 ACC201 Financial Accounting Introduction to Financial Accounting There are many organizations, requirements, and credentials supporting accounting standards and the profession. We will review s

Module 1 - SLP

INTRODUCTION TO FINANCIAL ACCOUNTING

INTRODUCTION TO FINANCIAL ACCOUNTING

There are many organizations, requirements, and credentials supporting accounting standards and the profession. We will review six acronyms associated with financial accounting.

Required

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.

• Generally Accepted Accounting Principles (US GAAP);

• Financial Accounting Standards Board (FASB);

• Securities and Exchange Commission (SEC);

• Public Company Accounting Oversight Board (PCAOB);

• Certified Public Accountant (CPA);

• The 10-K and The Annual Report.

SLP Assignment Expectations

Five to six sentences are sufficient to explain each of the six terms. 

• Do not use an essay format. 

• Answer the questions in order.

Show sources when appropriate. APA format is suggested, but not required.