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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coc l 4
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8. LO 3.1This is the independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements.

  1. Financial Accounting Standards Board (FASB)

  2. generally accepted accounting principles (GAAP)

  3. Securities and Exchange Commission (SEC)

  4. conceptual framework

9. LO 3.1which of the following is the principle that a company must recognize revenue in the period in which it is earned; it is not considered earned until a product or service has been provided?

  1. revenue recognition principle

  2. expense recognition (matching) principle

  3. cost principle

  4. full disclosure principle


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