What Are the Basic Elements of a Financial Accounting System

question 97

Essay

What are the basic elements of a financial accounting system?

Identify the principles outlined in the Belmont Report, especially respect for persons through informed consent.

Describe the ethical considerations involved in research with nonhuman animals, including the role of Institutional Animal Care and Use Committees.

Differentiate between no risk, minimal risk, and greater than minimal risk research according to U.S. Department of Health and Human Services regulations.

Explain the consequences of scientific fraud and the importance of data integrity in research.

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Definitions:

Securities Act of 1933

A U.S. federal law that regulates the sale of securities (stocks, bonds, etc.), requiring transparency through the registration of securities, to protect investors from fraud.

Due Diligence Defense

A legal strategy where the defendant shows that all reasonable steps were taken to avoid committing an offense or mistake.

Registration Statement

A set of documents filed with a regulatory body, detailing the specifics of a company's proposed public offering of securities.

Prospectus

A formal legal document required by and filed with the Securities and Exchange Commission that provides details about an investment offering for sale to the public.