Number 4. 1. Define the term accounting and explain the importance of accounting in a business.2. mention five (5) professions or works related to accounting.3. Indicate the ten (10) ethical principles of accounting and explain, in your own words,what the importance of each is and how they help in the integrity of the accountingprofession.4. Explain in your own words what generally accepted accounting principles (GAAP) are.5.Analyze and explain in your own words who uses accounting information and how theyuse it.

GAAP are the rules , standard , guidelines and procedures according to which accounts are prepared.…

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Accounting

Explain in your own words what generally accepted accounting principles (GAAP) are.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 6MC: The standards, procedures, and principles companies must follow when preparing their financial...

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Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Number 4.

1. Define the term accounting and explain the importance of accounting in a business.
2. mention five (5) professions or works related to accounting.
3. Indicate the ten (10) ethical principles of accounting and explain, in your own words,
what the importance of each is and how they help in the integrity of the accounting
profession.
4. Explain in your own words what generally accepted accounting principles (GAAP) are.
5.Analyze and explain in your own words who uses accounting information and how they
use it.

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