Part I. Search the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the module background. Explain why these concepts are important to financial statements.
Generally Accepted Accounting Principles (US GAAP);
International Accounting Standards (IFRS);
Securities and Exchange Commission (SEC);
Annual report; and 10-K, 10-Q, and 8-K
Part II. Explain the basic formats of financial statements such as income statement, balance sheet, statement of cash flows, and statement for retained earnings.
Part III. Explain the accounting equation with actual dollar amounts, prepare a table showing the equation, and show a list of accounts belonging to each category in the equation.
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