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1.) What are the particular items an analyst should review and study in an annual report,...

1.) What are the particular items an analyst should review and study in an annual report, and what material should be read with caution?

2.) What organization has legal authority to set accounting policies in the United States? Does this organization write most of the accounting rules in the United States? Explain.

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Answer #1

1. The particular items that an analyst should review and study are:

a. The income Statement

b. The balance sheet

c. The Statement of cash flows

d. Statement of common equity to shareholders (The equity section of the balance sheet)

You should read the notes and appendices to the above mentioned financial statement for extraordinary or one-off items

2. The Securities Exchange Commission (SEC) has the legal authority to set accounting policies in the United States.

The organization that writes the accounting rules is the Financial accounting Standards Board (FASB)

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