Generally Accepted Accounting Principles Relating to Health Care

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GAAP Principles Relating to Health Care: Generally Accepted Accounting Principles are standards in accounting that are used in America to enable the recording and reporting of financial information in a uniform way. These standards are established by the Financial Accounting Standards Board with is the body that is responsible for developing and establishing these standards in the United States. Currently, the body is mandated with the task of setting up accounting standards for non-governmental organizations. While GAAP is mainly used as the accounting standards for financial recording and reporting, the source of this principle originates from various places because there is no single reference for them. While generally accepted accounting principles include wide guidelines of general application, the standards also include comprehensive practices and procedures that offer the standard for evaluating financial presentations. As a result, these principles in financial recording and reporting tend to imply a substantial and significant authoritative support. Notably, GAAP standards are not a series of specific tailor-made guidelines that can be easily accessible in a single convenient range of rules. This is primarily because they originate from several sources and within a developed hierarchy. Generally, the standards range from the guidelines established by the Financial Accounting Standards Board, financial reporting literature from the AIPCA, and some financial

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