ACC 280 UOP Class Notes

Apr 18th, 2015
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Question # 1a) What are generally accepted accounting principles (GAAP)?Weygandt (2008) defined generally accepted accounting principle (GAAP) as a set of standardsand rules that are recognized as a general guide for financial reporting (p. 294). The languageused generally accepted means that the principles have substantial authoritative support.b) What bodies provide authoritative support for GAAP?The substantial authoritative support for GAAP is provided by the Financial AccountingStandard Board (FASB) and the Security and Exchange Commission (SEC). More specifically,FASB

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