Want this question answered?
one
oneno1
1
GAAP is an acronym for Generally Accepted Accounting Principles, which is the standard guideline and rules that need to be followed in a particular jurisdiction. Many people rely on objective reporting of financial information by companies and other individuals, and the GAAP help ensure that data is unbiased and consistent.
How does GAAP affect financial reporting?
one
Typically, only the original copy of a check is included in a standard GAAP filing. This is done to ensure that the original supporting documentation is preserved for audit and verification purposes. Copies or scanned images of checks may be retained for internal control and record-keeping purposes, but only the original check is included in the formal financial reporting under GAAP.
oneno1
1
1
gaap
The universal standard for kilogram still stands in Paris. Copies have been made of the standard and every country has a duplicate of the kilogram for all the measuremeants. The copies are checked once in a few years to check if they are still accurate.
GAAP is an acronym for Generally Accepted Accounting Principles, which is the standard guideline and rules that need to be followed in a particular jurisdiction. Many people rely on objective reporting of financial information by companies and other individuals, and the GAAP help ensure that data is unbiased and consistent.
gaap
Yes, there is a need to change the GAAP because corporations can easily circumvent the standards. The federal government must be involved so that they can enforce the changes.
GAAP allows for the fair comparison of accounting information. GAAP allows the work of the accountant to be scrutinized and analyzed on an even level with other similar firms. It allows for greater transparency in accounting practices.
ugly people need gaap to look nicer