These are used by the FASB, and it is a set of concepts that guide financial reporting.

A$.$ Financial Accounting Standards Board $($FASB$)$

B$.$ generally accepted accounting principles $($GAAP$)$

C$.$ Securities and Exchange Commission $($SEC$)$

D$.$ conceptual framework

$8.3\mathrm{.}1$ This is the independent federal agency protecting the interests of investors, regulating stock markets,

and ensuring companies adhere to GAAP requirements.

A$.$ Financial Accounting Standards Board $($FASB$)$

B$.$ generally accepted accounting principles $($GAAP$)$

C$.$ Securities and Exchange Commission $($SEC$)$

D$.$ conceptual framework

$9.3\mathrm{.}1$ Which of the following is the principle that a company must recognize revenue in the period in which

it is earned; it is not considered earned until a product or service has been provided?

A$.$ revenue recognition principle

B$.$ expense recognition $($matching$)$ principle

C$.$ cost principle

D$.$ full disclosure principle