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    Adjusting Accounts Principles

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    State two generally accepted accounting principles that relate to adjusting the accounts.

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    Accountants use generally accepted accounting principles (GAAP) to guide them in recording and reporting financial information. GAAP comprises a broad set of principles that have been developed by the accounting profession and the Securities and Exchange Commission (SEC). Two laws, the Securities Act of 1933 and the Securities Exchange Act of 1934, give the SEC authority to establish reporting and disclosure requirements. However, the SEC usually operates in an oversight ...

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    Two generally accepted accounting principles that relate to adjusting the accounts are stated in the solution.

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