Players in the Game

• ______________________ responsible for providing the financial reports

• ______________________ group of individuals who represents shareholders interests

• ______________________ provides an independent assessment of whether the statements conform to GAAP rules (internal, external)

• _______________________ provides legal standards for various steps in the process (e.g., FASB, SEC, PCAOB, Sarbanes-Oxley standards)

Major Regulatory Bodies:

• ______________________ major government administrative body whose purpose is to protect investors

• ______________________ independent board who sets Generally Accepted Accounting Principles (GAAP)

• ______________________ independent board who oversees audit standards. Must be followed by independent auditors working for public companies

Major Forms

• ______________________ major report presented by public companies at year-end. Contains yearly financial statements, disclosure notes, and other important information for investors

• ______________________ report presented by public companies each quarter. Reviewed by the auditor, but does not require a full-blown audit review.

• ______________________ report presented by public companies when a major event occurs. They must be filed if the event would be important to investors.

Bank Reconciliation: Jeremys Jewelry has the following information on December 31^st, 2019:

Ending Cash Balance from Bank	$50,000
NSF Check	$500
Deposits Recorded by Jeremys Jewelry, but not the Bank	$12,000
Interest Charge from Bank	$1,000

What amount of cash should Jeremys Jewelry report on its end of year balance sheet?