Suppose you are starting a business, Wholly Shirts, Inc., to imprint logos on T-shirts. In organizing the business and setting up its accounting records, you take your information to a CPA to prepare financial statements for the bank. You state to the CPA, “I really need to get this loan, so be sure you make my financial statements look great.”
Requirement
1. Name the organization that governs the majority of the guidelines that the CPA will use to prepare financial statements for Wholly Shirts, Inc.