Discussion Question Two: 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.

Describe GAAP.

Explain each of the four main assumptions and then give your own example for each.

Explain each of the four main principles and then give your own example for each.

Explain why these are important and how they will be used in understanding the accounting you will be learning.