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How and why might the importance of budget affect GAAP forexternal (general purpose) reports?How...

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Accounting

How and why might the importance of budget affect GAAP forexternal (general purpose) reports?

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GAAP is a term that refers to a set of rules standards and practices used throughout the accounting industry to prepare and standardize financial statements that are issued outside the company These standards help investors and creditors better compare companies Companies are expected to follow generally accepted accounting principles when they report their financial information GAAP affects the following activities 1Measuring economic activity 2Disclosing information about an activity 3Preparing and summarizing economic information 4Recording measurements at regular intervals The GAAP is the accounting rules used to prepare or standardize the reports of financial    See Answer
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In: AccountingHow and why might the importance of budget affect GAAP forexternal (general purpose) reports?How and why might the importance of budget affect GAAP forexternal (general purpose) reports?

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