Formulation of accounting principles

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Reference no: EM13754867

Q 1:

Discuss the role of each of the following in the formulation of accounting principles:

  • a.American Institute of Certified Public Accountants
  • b.Financial Accounting Standards Board
  • c.Securities and Exchange Commission

Q 2:

How does the concept of consistency aid in the analysis of financial statements? What type of accounting disclosure is required if this concept is not applied?

Q 3:

What are the three principal financial statements of a corporation? Briefly describe the purpose of each statement.

Q 4:

Why are notes to statements necessary?

Reference no: EM13754867

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