What is meant by GAAP ? Why should all companies follow GAAP in reporting to external users?
Question:
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (13 reviews)
GAAP generally accepted accounting principles are a dynamic set of both broa...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Question Posted:
Students also viewed these Accounting questions
-
What is meant by earnings quality? Why do users assess earnings quality? What major factors determine earnings quality?
-
What is meant by the term other customers and why is their influence so much greater for services compared to goods?
-
What is meant by rational expectations? Why does the hypothesis of rational expectations have such stunning implications for economic policy? Would believers in rational expectations want to shorten...
-
Steve and Linda Hom live in Bartlesville, Oklahoma. Two years ago, they visited Thailand. Linda, a professional chef, was impressed with the cooking methods and the spices used in the Thai food....
-
Consider a data set consisting of 220 data vectors, where each vector has 32 components and each component is a 4-byte value. Suppose that vector quantization is used for compression and that 216...
-
The sale of mineral rights would be captured in which of the following balance of payments components? A. Capital account B. Current account C. Financial account
-
When an ethical dilemma occurs, an investment professional should most likely first raise the issue with a: A. mentor outside the firm. B. professional bodys hotline. C. senior individual in the firm.
-
The following data were taken from the records of Dosey Manufacturing Company for the year ended December 31, 2010. Instructions (a) Prepare a cost of goods manufactured schedule. (Assume all raw...
-
Quatro Company issues bonds dated January 1, 2021, with a par value of $400,000. The bonds' annual contract rate is 13%, and interest is paid semiannually on June 30 and December 31. The bonds mature...
-
Six professors begin courses on Monday, Tuesday, Wednesday, Thursday, Friday, and Saturday, respectively, and announce their intentions of lecturing at intervals of 2, 3, 4, 1, 6, and 5 days,...
-
Define net operating cash flows. Briefly explain why periodic net operating cash flows may not be a good indicator of future operating cash flows.
-
Explain the roles of the SEC and the FASB in the setting of accounting standards.
-
Several social trends were discussed in the chapter. For each of these trends, choose a retailer or service provider that you believe has seized the moment by grasping the importance of the trend and...
-
What resources does the resource management plan take into consideration? What is the difference between top-down and bottom-up cost assessment in the budgeting process? What consists in the process...
-
Today, Jack and Jill transfer $1 million into a trust with two beneficiaries: Jack's father, Bill, age 75, and their son Hank. Income will be distributed annually to Bill (Jack's father) for the...
-
1. In terms ofretail customer marketing,what does 'getting the lead out of the business' refer to? 2. how would you improve the 3-part group project?
-
Two blocks of masses m 14 kg and m = 7,9 kg are connected by a rope that hangs over a pulley as shown in the figure. The pulley is a uniform disk of radius R = 0, 37 m and the 6,8 kg. The system is...
-
Does the manager's failure to acknowledge the contributions of his staff constitute an ethical violation? Why or why not?
-
Explain, using the marginal, opportunity cost, cost-benefit, and interdependence principles, why, in most occupations, the market labor supply curve is upward-sloping.
-
Draw and label the E and Z isomers for each of the following compounds: 1. CH3CH2CH==CHCH3 2. 3. 4. CH,CH2C CHCH2CH Cl CH3CH2CH2CH2 CH CH2CCCH2CI CHCH3 CH3 HOCH CH CCC CH O-CH C(CH
-
What is the accounting equation for a proprietary fund? What are the three components of net assets? Explain the nature of each component.
-
Ambrosia Inc. reported sales of $2 million for 2012. Accounts receivable decreased $150,000 and accounts payable increased $300,000. Compute cash receipts from customers, assuming that the receivable...
-
Each of these items must be considered in preparing a statement of cash flows for Nemke Co. for the year ended December 31, 2012. For each item, state how it should be shown in the statement of cash...
-
Classify each item as an operating, investing, or financing activity. Assume all items involve cash unless there is information to the contrary. (a) Purchase of equipment. (b) Sale of building. (c)...
-
The Kingdom of Narth the Maladapted has 4.45 million residents, and the Domain of Garglehook the Gregarious has 5.21 million residents. There are 66,216 wizards in the Kingdom of Narth, and 72,455...
-
More people are wanting to watch Alabama football. At the same time, UA expands the stadium to add more seats. What happens to the equilibrium price and quantity of Football seat tickets?
-
Read the paragraph extracted from the introduction and explain the main argument of this paragraph. Taxes are the primary means by which most countries' economies generate revenue, taxes play an...
Study smarter with the SolutionInn App