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Describe the purpose of U.S. generally accepted accounting principles (U.S. GAAP) and the benefits that these...

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Accounting

Describe the purpose of U.S. generally accepted accountingprinciples (U.S. GAAP) and the benefits that these rulesprovide.

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sollution Generally accepted accounting principles GAAP refer to a common set of accounting principles standards and procedures issued by the Financial Accounting Standards Board FASB Public companies in the United States must follow GAAP when their accountants compile their financial statements GAAP is a combination of authoritative standards set by policy boards and the commonly accepted ways of recording and reporting accounting information GAAP aims    See Answer
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