Part 1

1. For each of the following, state what the abbreviation stands for, and indicate what the organization has to do with the accounting profession and the investing community. SEC, AICPA, FASB

2. What is GAAP? What is the relationship of the FASB and the SEC to GAAP?

3. What is the FASB Codification? What is the Codification role of GAAP?

4. Briefly explain the Sarbanes-Oxley Act of 2002 in terms of why it was needed and what its key provisions are.

5. Briefly explain the meaning of the abbreviations IASB and IFRS. Briefly explain what the IASB and IFRS are.

Part 2

1. Define the following terms as they relate to accounting (you may use your own words): Assets, Liabilities, Equity, Investment by Owners, Distributions to Owners, Revenues, Gains, Expenses, Losses, and Comprehensive Income.

2. Define the following terms as they relate to accounting (you may use your own words): Relevance, Materiality, Faithful Representation, Completeness, Neutral, Verifiability, Timeliness, and Comparability.

3. Explain the following assumptions as they relate to accounting (you may use your own words): Economic Entity, Going Concerned, Monetary Unit, Periodicity