Each of these parties plays a role in the quality of financial reporting. Match each group with its function. Groups Functions 1.____________ Financial AccountingStandards Board a. Group that has been given power by Congress to enforce the proper application of financial reporting rules for companies whose securities are publicly traded. 2. ___________ International AccountingStandards Board b. Independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States. 3. ___________Securities and Exchange Commission c. Independent intermediaries that help to ensure that management appropriately applies financial reporting rules in preparing the company’s financial statements. 4. ___________ Auditors d. Body that is attempting to develop a single set of high-quality, understandable global accounting standards.
Each of these parties plays a role in the quality of financial reporting. Match each group with its function. Groups Functions 1.____________ Financial AccountingStandards Board a. Group that has been given power by Congress to enforce the proper application of financial reporting rules for companies whose securities are publicly traded. 2. ___________ International AccountingStandards Board b. Independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States. 3. ___________Securities and Exchange Commission c. Independent intermediaries that help to ensure that management appropriately applies financial reporting rules in preparing the company’s financial statements. 4. ___________ Auditors d. Body that is attempting to develop a single set of high-quality, understandable global accounting standards.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 1EB: Match the correct term with its definition. A. Financial Accounting Standards Board FASB) i. used by...
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Each of these parties plays a role in the quality of financial reporting. Match each group with its function.
|
Groups |
Functions |
| 1.____________ Financial Accounting Standards Board |
a. Group that has been given power by Congress to enforce the proper application of financial reporting rules for companies whose securities are publicly traded. |
| 2. ___________ International Accounting Standards Board |
b. Independent, private-sector group that is primarily responsible for setting financial reporting standards in the United States. |
| 3. ___________Securities and Exchange Commission | c. Independent intermediaries that help to ensure that management appropriately applies financial reporting rules in preparing the company’s financial statements. |
| 4. ___________ Auditors | d. Body that is attempting to develop a single set of high-quality, understandable global accounting standards. |
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