Ms. Fatima is having a business and she wants to know the financial status of the business so, she decided to hire external auditor. The auditor Mr. Assad, pointed the highlights of his audit report: (1) inventories and receivable management are not properly done , (2) collection strategy is very poor (3) also the current asset management is not handled very well. Based on the above scenario: 

 Justify how GAAP can be applied in the Company of Ms. Fatima.

Answer rating: 100% (QA)

ANS 1 The reasons which should impel Ms Fatima to apply US GAAP in her Company are as understated 1 ... View the full answer