Purchase Solution

Generally Accepted Accounting Principles

Not what you're looking for?

Ask Custom Question

Why are Generally Accepted Accounting Principles needed and what organization establishes them?

Purchase this Solution

Solution Summary

This file contains a formatted MS Word file which illustrates (with citations), why Generally Accepted Accounting Principles are needed, as well as information of the organizations that established them.

Solution Preview

For your convenience, I have attached a formatted MS Word file containing the answers to your questions below.

GAAP

Why are Generally Accepted Accounting Principles needed and what organization establishes them?

The mission of the Financial Accounting Standards Board (FASB) by its own definition is described as being "to establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors and users of financial information" (FASB, 2005). To accomplish its mission, and to promote the utilization of generally ...

Purchase this Solution


Free BrainMass Quizzes
Employee Orientation

Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.

SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

Operations Management

This quiz tests a student's knowledge about Operations Management

Balance Sheet

The Fundamental Classified Balance Sheet. What to know to make it easy.

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.