Explain why these concepts are important to financial statements.

Search the course background information, the Internet and/or the Cyber
Library. Discuss the terms listed below. Your discussion should expand
on the definition as given in the module background. Explain why these
concepts are important to financial statements.

Generally Accepted Accounting Principles (US GAAP);
International Accounting Standards (IFRS);
Securities and Exchange Commission (SEC);
Public Company Accounting Oversight Board (PCAOB);
Annual report; and
10-K, 10-Q, and 8-K
Part II.Explain
the basic formats of financial statements such as income statement,
balance sheet, statement of cash flows, and statement of retained

Part III.

Everything in
Accounting typically falls into one of three categories, as illustrated
by the Accounting Equation. State the Accounting Equation: Assets =
_______________ + _______________
You will note that the
Accounting Equation comprises 3 “categories”, each of which can be
broken down further into accounts. For each of the three main categories
of the Accounting Equation, list 5 or more accounts with actual amounts
that would typically be classified into each. For instance, Land &
Equipment would typically be categorized as Assets.
To simplify your answers, complete the assignment using a basic table or diagram.
Assignment Expectations
is important to answer the questions as posed. The discussion should be
three to six pages and written in a clear and concise manner. Support
your discussion with references in APA format. You are encouraged to use
Excel or other compatible spreadsheet when computations are involved.

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