GAAP in Accounting

Assignment: GAAP in Accounting

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Read an article on the purpose of GAAP (Links to an external site.)Links to an external site. .

Write a 1-2 page paper that addresses the following questions:

  • How does GAAP standardize accounting records across companies?
  • Why are private businesses not required to follow GAAP?
  • Which issues may have occurred before rules for accounting documentation were standardized?
  • Who maintains GAAP rules? Why is this separate from the responsibilities of government?
  • What is the difference between preparing reports without GAAP?
  • What are some issues that GAAP does not address?

Submission Requirements

Submit the following documents by the due date. Be sure to follow these requirements in your work:

  • Type your assignment in an MS Word document (.doc or .docx).
  • Do not copy word for word from the textbook or any websites you visit.
  • Times New Roman, 12pt Font, double spaced

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