The chairman of the FASB at one time noted that the flow of standards can only be slowed if (1) producers focus less on quarterly earnings per share and tax benefits and more on quality products, and (2) accountants and lawyers rely less on rules and law and more on professional judgment and conduct. Explain his comment.
ACC 215 Week 1 Class 1 Financial Statements Financial Statement – What company’s put out to vendors, investors, stock holders, ect. Accounting Equation A=L+OE or A=L+SE A= Asset(s) L= Liabilities OE= Owners Equity SE= Shareholders/Stockholders Equity Assets are things you (the Company) have. Things of value. Liabilities are debts. Liabilities are often claimed by nonowners Owner’s Equity is the amount of assets claimed by the owner(s) Business Organizations Single Owner= Single Properitors 2 / More Owners= Partnership Corporations Stake Stake= ownership in a company… stake in a company. Having stake in a company is refered to being a stockholder. Having stake in a company can also be said as having shares in a company. When used as having shares i