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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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In order for a transaction to be recorded in a business’ accounting records, the effects of the transaction must be faithfully represented. What is faithful representation and what is it important?

To determine

Concept Introduction:

United States Generally Accepted Accounting Policies (US GAAP): United States generally Accepted Accounting Policies is the accounting framework/ accounting standards followed in the United States to prepare the financial statements. US GAAPS are issued by Financial Accounting Standards Board (FASB).

To Indicate:

The meaning of faithful representation in business accounting records.

Explanation

United States generally Accepted Accounting Policies is the accounting framework/ accounting standards followed in the United States to prepare the financial statements. US GAAPS are issued by Financial Accounting Standards Board (FASB).

Hence, Financial Statements are prepared using the Generally Accepted Accounting Policies...

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