GENERALLY ACCEPTED ACCOUNTING PRINCIPLES Accountants use generally accepted accounting principles (GAAP) to guide them in recording and reporting financial information. GAAP comprises a broad set of p
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES Accountants use generally accepted accounting principles (GAAP) to guide them in recording and reporting financial information. GAAP comprises a broad set of p
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GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
The current set of principles that accountants use rests upon some underlying assumptions. The basic assumptions and principles presented on the next several pages are considered GAAP and apply to most financial statements. In addition to these concepts, there are other, more technical standards