What is the purpose of GAAP and the accounting cycle?Is it possible to deviate from GAAP and

Question:

What is the purpose of and the accounting cycle? Is it possible to deviate from and the accounting cycle and still prepare financial statements? Why or why not? What are some possible consequences of this course of action? Provide an example.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...