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Explanation of Generally Accepted Accounting Practices (GAAP)

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What are the generally accepted accounting principles? Why do we need GAAPs? What is the purpose and goal for this practice? What is the challenge of using this practice? Response should be at least 250 words and reference should be enclosed

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What is GAAPs?

What are the generally accepted accounting principles? Why do we need GAAPs? What is the purpose and goal for this practice? What is the challenge of using this practice? Response should be at least 250 words and reference should be enclosed

The Generally Accepted Accounting Principles (GAAP) are the following three things in the United States: (1.) basic accounting principles and guidelines are adhere to such as cost principle, matching principle and full disclosure, (2.) adherence to the rules and standards of the Financial Accounting Standards Board (FASB) and its predecessor Accounting Principle Board and (3.) the generally accepted industry practices. ...

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Explanation of the Generally Accepted Accounting Practices (GAAP) definition, purpose and goal and challenges to implementing GAAP.

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