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FASB Financial Accounting Standards Board

AICPA American Institute of Certified Public Accountants SEC Securities & Exchange Commission FASB Financial Accounting Standards Board. FASB Financial Accounting Standards Board. GAAP Generally Accepted accounting principles. Three types of Businesses. Cost Principle.

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FASB Financial Accounting Standards Board

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  1. AICPAAmerican Institute of Certified Public AccountantsSECSecurities & Exchange CommissionFASBFinancial Accounting Standards Board

  2. FASBFinancial Accounting Standards Board

  3. GAAP Generally Accepted accounting principles

  4. Three types of Businesses

  5. Cost Principle

  6. Going-concern principle

  7. Entity Concept

  8. Accounting Equation

  9. Principle that requires the assumption that the entity will remain in operation for the foreseeable future

  10. Each entity is an organization that stands apart as a separate economic unit. We do this to not confuse the affairs with those of other entities.

  11. Assets = Liabilities + Owner’s Equity

  12. Accounting guidelines, formulated by FASB, that govern how accountants measure, process, and communicate financial information

  13. Organization PRIMARILY responsible for accounting standards

  14. Work together to formulate accounting standards

  15. Sole ProprietorshipPartnershipCorporation

  16. Principle that requires an item to be recorded at the price actually paid

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