1.Generally accepted accounting principles (GAAP) are standards developed by the U. S. Treasury Department to identify appropriate accounting and reporting procedures.
2.The Securities and Exchange Commission (SEC) requires public corporations to provide annual financial reports to stockholders.
3.The Securities and Exchange Commission (SEC) is the primary organization for setting accounting standards for businesses in the United States.
4.Relevance and comparability are considered to be the two primary qualities that make accounting information useful.
5.The audit report provides notice of the auditor's guarantee as to the accuracy and completeness of the accompanying financial information.
6.Accounting rules generally assume an organization is a going concern.
7.Record-keeping responsibilities should be assigned to the same person who has physical control over company resources whenever possible.
8.A strong system of internal controls should provide a high level of protection of a company’s information systems.
9.Accountants prepare, manage and interpret the company’s employment policies and practices.
10.A company should be able to rely on its disaster recovery plan to restore its computer systems.