The Financial Accounting Standards Board (FASB) is responsible
for the Generally Accepted Accounting Principles (GAAP). Select...
70.2K
Verified Solution
Link Copied!
Question
Accounting
The Financial Accounting Standards Board (FASB) is responsiblefor the Generally Accepted Accounting Principles (GAAP). Select aConcept or Principle and explain how it impacts business.
Answer & Explanation
Solved by verified expert
4.2 Ratings (844 Votes)
US law requires businesses that release financial statements to the public and companies that are publicly traded on stock exchanges and indices to follow GAAP guidelines which incorporate 10 key concepts Principle of regularity GAAPcompliant accountants strictly adhere to established rules and regulations Principle of consistency Consistent standards are applied throughout the financial reporting process Principle of sincerity GAAPcompliant accountants are committed to accuracy and impartiality Principle of permanence of methods Consistent procedures are used in the preparation of all
See Answer
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
