Generally accepted accounting principles encompass the conventions, rules, and procedures for determining acceptable accounting and financial reporting practices at a particular time. The GAAP is important because that process is responsible for every aspect of the business. All parts of the business with the finance have to be handled carefully. If one part or section is mishandled inproperly everything could fall apart and the business would fail. If I was a manager of company, the most important financial ratio to me would be my current assets ratio. You want to have multiple assets that can create a wealth. Do not have to many liablities because that would cause a lost and the business could fail. When the business is flowing all of the steps properly, the business will be a success. The business is working, the team works well with one another, Everyone has followed all of the steps, the business with continue to grow and continue to generate wealth.