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Essay

Generally Accepted Accounting Principles

Essay specific features

 

Issue:

Business

 

Written by:

Cheryl S

 

Date added:

April 1, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

5 / 1240

 

Was viewed:

574 times

 

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Essay content:

The Financial Accounting Standards Boards (FASB), the American Institute of Certified Public Accountants and the Securities and Exchange Commission (SEC) provide guidance about acceptable accounting practices. Some of the reasons we use GAAP are that any business that expects anyone from outside their company to look at their financial data needs to use GAAP...
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Compliance with GAAP helps maintain creditability with creditors and stockholders because it reassures outsiders that a company's financial reports accurately portray their financial position. Additionally anyone who reads your financial statements will automatically assume they are prepared and comply with GAAP...
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