Part I. In complete sentence structure along with correct grammar and spelling, answer all questions below. Student is required to initially post answers first, prior to viewing any other classmates response. Students initial entry for these three questions will be graded.

Based on the GAAP topic video and the reading resources in module 1, answer the following:

1. What is Generally Accepted Accounting Principles (GAAP) and how does it affect accounting?

2. Discuss the concepts and assumptions of GAAP, as discussed in the video.

3. Based on the video, select the one most important concept or assumption. State, why it is the most important.

Part II. With careful thought, give feedback to two (2) classmates posts. The feedback to classmates should address question 3.

Again, use complete sentence structure with correct grammar and spelling. Feedback to classmates will be graded.