Generally accepted accounting principles

Q: What is FASB Financial Accounting Standards Board?

A: It is an organization responsible for establishing and improving GAAP within the territory of the…

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

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

Q: What are the benefits of generally accepted accounting principles (GAAPs)?

A: GAAP stands for Generally Accepted Accounting Principles.

Q: Why and when the generally accepted accounting principles were established?

A: Generally accepted accounting principle- It contains the set of rules, regulations and criteria for…

Q: Application of Generally Accepted Accounting Principles (GAAP) (e.g., matehing prineipte,…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Describe significant accounting policies.

A: Definition: Accounting policies: Accounting policies are the specific principles and rules which…

Q: What are the principles of accounting according to GAAP?

A: GAAP: Generally Accepted Accounting Principle (GAAP) is a common set of accounting principles,…

Q: Role of Accounting

A: Accounting: Accounting is a process of collecting and organizing financial transactions, analyzing,…

Q: Explain generally accepted accounting principles (GAAPs).

A: GAAP stands for Generally accepted principles.

Q: Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting…

A: Financial accounting standard board (FASB):  The FASB is an independent, designated and non-profit…

Q: Explain the meaning of generally accepted accounting principles (GAAP) and the role of the…

A: GAAP:

Q: Financial Accounting ‏

A: A fiscal year is a period used for preparing the financial statement of the company.

Q: Generally accepted accounting principles play an important role in financial reporting.a. What is…

A: Requirement a:

Q: Describe changes in accounting principles.

A: A change in an accounting principle is a change in a method used, such as using a different…

Q: Discuss the assumptions underlying accounting measurement and explain their significance.

A: Accounting can be defined as the process of measuring the monetary business transaction for the…

Q: Explain the following: How Generally Accepted Accounting Practices are utilized in financial…

A: Introduction:   Financial statements are documents that describe a company's operations and…

Q: Briefly describe the organization that is responsible fordeveloping accounting measurement rules…

A: Accounting concepts and principles: Financial statements are prepared in accordance with the…

Q: An item that meets the definition of an accounting element should be given recognition in the…

A: Accounting Elements:- Assets, Liabilities, Equity, Capital, Drawings, Revenue, and Expenses are the…

Q: Define accounting earnings.

A: Accounting Earnings: Accounting Earnings is a Earning which stated on income statement. Accounting…

Q: Explain generally accepted accounting principles and define and apply several accounting principles.

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…

Q: accounting definition?

A: Accounting means a process of recording , classifying , summarizing , interpreting and communication…

Q: Identify the two main categories of accounting principles.

A: Accounting principles are the principles and rules that organizations must follow when announcing…

Q: Accounting concept and convention

A: Accounting concept is defined as the accounting assumptions which the accountant of a firm…

Q: Principles

A: Answer: Accounting is the subject that is more concerned with the treatment of the numbers so that…

Q: DEFINE AND EXPLAIN  ACCOUNTING THEORY

A: Accounting refers to the process of keeping records of financial events and transactions happening…

Q: Briefly explain the following generally accepted accounting principles with your own words and…

A: Conservatism principle refers to a concept which states that the expenses of the business or…

Q: Describe simply what accounting is.

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: Describe the SEC’s role in establishing generally accepted accounting principles (GAAP).

A: The Generally Accepted Accounting Principles (GAAP) are the accounting principles issued by the…

Q: Is accounting theory really necessary for the making of accounting rules?

A: Solution:- Is accounting theory really necessary for the making of accounting rules:- Accounting…

Q: these are the current set of GAAP or Generally Accepted Accounting Principles. what is it?

A: Generally accepted accounting principles(GAAP) refers to a set of accounting principles issued by…

Q: Discuss Practical Implementations of any one generally accepted accounting Principle (GAAP),…

A: Generally Accepted Accounting Principles are used in preparing account of an entity. The purpose of…

Q: Briefly describe how FASB clarifies accounting

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: In general, what is the conceptual framework that underlies accounting principles?

A: Accounting principles are the specific rules and guidelines that are to be followed in preparation…

Q: accounting

A: Debit  :-  In accounting it indicates benefit received by a particular…

Q: Why does the Financial Accounting Standards Board define accounting as information systems?

A: A seven-member independent board consisting of accounting professionals who establish and…

Q: Definition of Financial Accounting

A: Solution:- Definition of financial accounting as follows under:-

Q: What is GAAP, Generally Accepted Accounting Principles?

A: The Generally Accepted Accounting Principles (GAAP)is a set of rules used for helping…

Q: Define generally accepted accounting principles (GAAP)

A: GAAP Stand for Generally Accepted Accounting Principles.

Q: Distinguish between FASB Accounting Standards Updates and FASB Statements of Financial Accounting

A: Accounting Standards Updates: constitute GAAP and dictate acceptable financial accounting and…

Q: Define and apply many accounting concepts as well as explain commonly accepted accounting…

A: Accounting fundamentals: These are the assumptions, ideas, and rules required to produce and present…

Q: Principles in accounting

A: Basic Accounting assumption are broad concepts that underlie generally accepted accounting…