Examlex
Use the diagram above to answer the following questions.
-Identify the letter that indicates the crown.
FASB
The Financial Accounting Standards Board (FASB) is a private organization that establishes financial accounting and reporting standards for companies and nonprofit organizations in the United States.
SEC
Stands for the Securities and Exchange Commission, a U.S. federal agency responsible for regulating the securities industry and protecting investors.
Generally Accepted Accounting Principles
A set of accounting standards and procedures that are used in the preparation of financial statements in the U.S.
Owner's Equity
The residual interest in the assets of a business after deducting its liabilities, representing the owner's claim on the company's resources.
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