1) Name the parties involved in the development of Generally AcceptedAccounting 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 AccountingPrinciples (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?

As there are many questions as per the policy only 1st question shall be answered.

Answered: 1) Name the parties involved in the…

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

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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Question

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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