Transcription of Chapter 2 Financial Statement and Cash Flow Analysis
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Chapter 2 Financial Statement and Cash Flow Analysis
5 Chapter 2 Financial Statement and Cash Flow AnalysisAnswers to Concept Review Questions1. What role do the FASB and SEC play with regard to GAAP?The FASB is a nongovernmental, professional standards body that examinescontroversial accounting topics and then issues rulings that almost have the force oflaw, at least in terms of their impact on accounting practices. In the the FASB hasdeveloped the GAAP (Generally Accepted Accounting Principles) as the set ofaccounting rules for companies to comply with in the preparation of their financialstatements. The Securities and Exchange Commission (SEC) is responsible for regulatingpublicly traded companies, as well as the nation s stock and bond markets.
financial statements required by the SEC are (1) the balance sheet, (2) the income statement, (3) the statement of retained earnings, and (4) the statement of cash flows. 2.
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