agencies Flashcards
1
Q
FASB
A
The independent organization responsible for studying accounting issues and establishing accounting standards to govern financial reporting in the United States; establishes GAAP in the US
2
Q
GAAP
A
Generally Accepted Accounting Principles
3
Q
SEC
A
-Legal authority to regulate financial markets and accounting
-Usually chooses to defer to the FASB on accounting matters
-Government agency
4
Q
IRS
A
-US government agency that collects and regulated income taxes
-Two sets of books
5
Q
SEC Form 10-K
A
annual filing with the SEC
6
Q
SEC Form 10-Q
A
quarterly filing with the SEC
