Name(s): ______________________________
Name(s): ______________________________
Accounting Acronyms Scavenger Hunt
After completing this lab session you should be able to:
1. Understand the importance of each of the following organizations: FASB, IASB,
and SEC
2. Be able to state the head of each of the organizations
3. Understand the importance of GAAP
4. Be familiar with the associated organization’s websites
1. Navigate to the SEC website – www.sec.gov
2. Answer the following questions
a. Who is the Chairman of the SEC?
b. What is the main purpose of the SEC?
c. When was the SEC created and why was it created?
d. What is an upcoming event scheduled by the SEC?
3. Navigate to the FASB website – www.fasb.org
4. Answer the following questions
a. Who is the Chairman of FASB
b. What is the main purpose of FASB?
c. When was FASB created and why was it created?
d. Are meetings of FASB open to the public?
5. Navigate to the IASB website – www.iasb.co.uk
6. Answer the following questions:
a. Where is the IASB located?
b. How many countries do the board members come from?
c. What is the purpose of the IASB?
7. Navigate to the wikipedia website – www.wikipedia.org; perform a search for GAAP
8. Answer the following questions:
a. What is the definition of GAAP according to wikipedia?
b. List two of the seven principles discussed in the encyclopedia article?