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  • 1.Financial accounting is focused on the __________ financial statements of a company.ExternalInternal
  • 2.Financial statements report the fair market value of a company.TrueFalse
  • 3.Large corporations must follow the__________ basis of accounting.
  • 4.Corporations whose stock is publicly traded must have their financial statements __________ by independent certified public accountants.
  • 5.The U.S. government agency with authority over the financial reporting requirements of publicly traded corporations is the __________.AICPAFASBIRSSEC
  • 6.The non-government organization that researches and develops new accounting standards is the __________.AICPAFASBIRSSEC
  • 7.The acronym for the common rules and standards that companies must follow when preparing its external financial statements is __________.
  • 8.SEC is the acronym for __________.
  • 9.FASB is the acronym for __________.
  • 10.GAAP is the acronym for __________.

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