Lo 1That a business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally, is known as which of the following?



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6. LO 3.1 The standards, procedures, and principles companies must follow when preparing their financial statements are known as which of the following?

  1. Financial Accounting Standards Board (FASB)

  2. generally accepted accounting principles (GAAP)

  3. Securities and Exchange Commission (SEC)

  4. conceptual framework

7. LO 3.1These are used by the FASB, and it is a set of concepts that guide financial reporting.

  1. Financial Accounting Standards Board (FASB)

  2. generally accepted accounting principles (GAAP)

  3. Securities and Exchange Commission (SEC)

  4. conceptual framework


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