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Players in the Game ______________________ responsible for providing the financial reports ______________________ group of individuals who represents shareholders interests ______________________ provides an independent assessment of
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 31st, 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?
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