Acct 5110 exam 1 - Study guides, Class notes & Summaries

Funds a company receives from shareholders are often called: Paid-in capital Net income Dividends Retained earnings - Paid-in capital The Securities and Exchange Commission creates accounting standards. T/F - False Privately held companies must produce financial statements that conform to U.S. GAAP. T/F - False According to the FASB, accounting information should be (choose up to four answers): Comparable Reliable Conservative Timely - Comparable Reliable Timely The mai...