Before you start the assignment, test your understanding of concepts covered in the assignment. It is not a graded quiz, but a tool for reviewing some key points. The tool can be used multiple times.

There are many organizations, requirements, and credentials supporting accounting standards and the profession. We will review six acronyms associated with financial accounting.


Briefly define and/or discuss the terms listed below. Use your own words. Use the background material, but it is also acceptable to use the library or other Internet resources.  Explain why these concepts are important for financial accounting.

  • Generally Accepted Accounting Principles (US GAAP);
  • Financial Accounting Standards Board (FASB);
  • Securities and Exchange Commission (SEC);
  • Certified Public Accountant (CPA)
  • Annual Report
  • 10-K

SLP Assignment Expectations

Three to five sentences are sufficient to explain each of the six items. Do not use an essay format.

Show sources when appropriate. APA format is suggested but not required.

The objective for this assignment is to analyze accounting concepts for financial accounting.

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