Economics United States, Generally Accepted Accounting Principles (GAAP)

n the United States, Generally Accepted Accounting Principles (GAAP) are the accounting methods and procedures used by most organizations to prepare financial statements. Consider the importance of financial accounting that is being assembled and reported objectively. Financial statements should be prepared according to generally accepted accounting principles in order to achieve a presentation of financial information that is understandable, relevant, and reliable for decision making. Write a paper in your own words using APA Guidelines (file uploaded). Answer all of the questions below in your own words. You can add additional sentences/paragraphs. You can research on the Internet or books/journals & you can add additional references. QUESTIONS: Where the authority for the U.S. GAAP comes from? The role of the Financial Accounting Standards Board (FASB) in U.S. GAAP. The role of the Securities and Exchange Commission (SEC) in U.S. GAAP. Where funding for developing and enforcing GAAP comes from?


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