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1) Name the parties involved in the development of Generally Accepted Accounting Principles (GAAP) in the United States.

1) Name the parties involved in the development of Generally Accepted Accounting Principles (GAAP) in the United States.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1) Name the parties involved in the development of Generally Accepted Accounting Principles (GAAP) in the United States. 2) Give a brief history of each group. 3) Describe what role each group plays. 4) Describe the impact of that role, in the standard setting process. 5) Comment on the "due process" used to establish GAAP. 6) Define the Cash Basis of Accounting and the Accrual Basis of Accounting. 7) Explain how the two bases are different. 8) Discuss which basis best conforms to Generally Accepted Accounting Principles (GAAP) and why? 9) Give examples of the type or types of companies (at least two or three). Which basis for each company is appropriate and why? 10) How would each impact companies' federal and state taxes?
Transcribed Image Text:1) Name the parties involved in the development of Generally Accepted Accounting Principles (GAAP) in the United States. 2) Give a brief history of each group. 3) Describe what role each group plays. 4) Describe the impact of that role, in the standard setting process. 5) Comment on the "due process" used to establish GAAP. 6) Define the Cash Basis of Accounting and the Accrual Basis of Accounting. 7) Explain how the two bases are different. 8) Discuss which basis best conforms to Generally Accepted Accounting Principles (GAAP) and why? 9) Give examples of the type or types of companies (at least two or three). Which basis for each company is appropriate and why? 10) How would each impact companies' federal and state taxes?
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