Question: Briefly explain generally accepted accounting principles (GAAP) and describe why it is important that public companies follow GAAP when preparing financial statements. In addition, give

  • Briefly explain generally accepted accounting principles (GAAP) and describe why it is important that public companies follow GAAP when preparing financial statements.

    In addition, give your opinion on whether private companies should be required to follow GAAP. Provide a rationale for your opinion.

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