Trident ACC403 module 1 case

Module 1 – CaseFINANCIAL ACCOUNTING – INTRODUCTIONCase AssignmentThere are three main parts to this case. Please make sure this paper is well organized and covers all of the items below.Part I. Search the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the module background. Explain why these concepts are important to financial statements.Generally Accepted Accounting Principles (US GAAP);International Accounting Standards (IFRS);Securities and Exchange Commission (SEC);Public Company Accounting Oversight Board (PCAOB);Annual report; and10-K, 10-Q, and 8-KPart II.Explain the basic formats of financial statements such as income statement, balance sheet, statement of cash flows, and statement of retained earnings.Part III.Everything in Accounting typically falls into one of three categories, as illustrated by the Accounting Equation. State the Accounting Equation: Assets = _______________ + _______________You will note that the Accounting Equation comprises 3 “categories”, each of which can be broken down further into accounts. For each of the three main categories of the Accounting Equation, list 5 or more accounts with actual amounts that would typically be classified into each. For instance, Land & Equipment would typically be categorized as Assets.To simplify your answers, complete the assignment using a basic table or diagram.Assignment ExpectationsIt is important to answer the questions as posed. The discussion should be three to six pages and written in a clear and concise manner. Support your discussion with references in APA format. You are encouraged to use Excel or other compatible spreadsheet when computations are involved.