Deviation from GAAP

Is it possible to deviate from Generally Accepted Accounting Principles (GAAP) and the accounting cycle and still prepare financial statements? What are some possible consequences of this course of action?

Solution Summary

This solution examines the possibility of deviating from Generally Accepted Accounting Principles (GAAP) and the accounting cycle and still prepare financial statements. It also responds to the question: What are some possible consequences of this course of action?