Question
Accounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are based on certain assumptions and principles. Use the course text to learn
Accounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are based on certain assumptions and principles. Use the course text to learn the information for this question.
Be sure to list the text as a Reference:
- 1) Describe GAAP?
- 2) Explain each of the four main assumptions and then give your own example for each?
- 3)Explain each of the four main principles and then give your own example for each/
- 4) Explain why these are important and how they will be used in understanding the accounting you will be learning?
Step by Step Solution
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Step: 1
1 Generally Accepted Accounting Principles GAAP are a set of standards and procedures used to prepare financial statements such as balance sheets inco...
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Principles of Auditing and Other Assurance Services
Authors: Ray Whittington, Kurt Pany
19th edition
978-0077804770, 78025613, 77804775, 978-0078025617
