Homework Answers
Answer: All three apply.
A. The components of the financial statements aret balance sheet, the income statement, cash flow statement and changes to equity. They must also produce notes to accounts.
B.GAAP is accounting standards accepted by the securities and
exchange commission.
The full form of GAAP has generally accepted accounting principles. It is issued by the financial accounting standard board.
The public company in the USA must follow GAAP. GAAP improve the
clarity, consistency and compatibility of the financial statements
across companies in the same industry.
It helps ensures the completeness of the financial statement.
C. The financial statements must be reviewed by independent auditors. Auditors reviews whether the true and fair view of the company financial position.
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Question 14 (0.2 points) Which of the following rules apply to the financial statements of public...
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