General Accepted Accounting Principles

The purpose of this paper is to add research and discussion on the undermenti atomic number 53d terms: (a) General Accepted Accounting Principles, (b) reprize Entry Accounting, (c) Historical Cost, (d) Accrual land vs. Cash Basis Accounting and € Current Assets and Liabilities vs. Non-Current Items. The second part will provide a review of the assigned annual reports and address the following questions: (1) Describe the general organization of each of the tercet sets of m unmatchabletary statements, (2) Which is more useful in your opinion for each of the three companies, Net Income or Cash from Operating Activities? (3) Make one prediction almost each company from the companys financial statements. (4) Reach one additional conclusion about each company from the additional information you find in the annual report.
General Accepted Accounting Principles (GAAP) are a common set of accounting principles and standards that are generally received and universally practiced. GAAP are a combination of classical standards set by the Financial Accounting Standard progress (FASB). The organization established broad reporting standards of general pertinency as well as specific accounting rules. The Securities and supersede Commission (SEC) is another ground which also sets standards.



They are a governmental agency which requires companies to files financial reports that follow the rules of the GAAP. The SEC also mandates that specific guidelines will be use when situations have no principle.
Double Entry Accounting is defined as a method that involves each transaction being recorded in at least two accounts, resulting in a debit entry to one or more accounts and a credit to one or more accounts. It provides a method to quickly mold the accuracy because the articulation of all accounts with debit balances should equal the sum of all credit accounts. This is one of the most commonly used methods by businesses because without it they run into difficulty when preparing year end and tax records. This method...If you want to get a full essay, order it on our website: Orderessay



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