Purchase Solution

GAAP Standards

Not what you're looking for?

Ask Custom Question

Explain the important characteristics of Generally Accepted Accounting Principles or standards. Why are these characteristics of GAAP important?

Purchase this Solution

Solution Summary

The characteristics of generally accepted accounting principles are determined.

Solution Preview

Characteristics of GAAP:

Relevance: Financial or accounting information has to be capable of making a difference in a decision making process. Relevant information helps users form more accurate predictions about the effect of past and future economic events on the business.

Timeliness: Financial information has to be timely enough to make a difference in decision making process of a company. For example, an annual report ...

Purchase this Solution


Free BrainMass Quizzes
Organizational Behavior (OB)

The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.