Can someone please tell me what the actual "Generally Accepted Accounting Principles" are?

Question

I need the actual accepted accounting principles if someone knows them.

Answer 1

The term "generally accepted accounting principles" has a specific meaning for accountants and auditors. The AICPA Code of Professional Conduct prohibits members from expressing an opinion or stating affirmatively that financial statements or other financial data "present fairly... in conformity with generally accepted accounting principles," if such information contains any departures from accounting principles promulgated by a body designated by the AICPA Council to establish such principles.

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) - Term used to describe broadly the body of principles that governs the accounting for financial transactions underlying the preparation of a set of financial statements. Generally accepted principles are derived from a variety of sources, including promulgations of the Financial Accounting Standards Board and its predecessor, the Accounting Principles Board, and the American Institute of Certified Public Accountants. Other sources include the general body of accounting literature consisting of textbooks, articles, papers, etc.



For more information on GAAP or Generally Accepted Accounting Principles visit the FASAB web page listed under the Source.

Warning - You need approximately 2000 pages to list Generally Accepted Accounting Principles. They can differ from industry to industry. For an example of what you need to know if you want to know GAAP, here is a current study guide: http://www.wiley.com/WileyCDA/WileyTitle/productCd-0471726850.html

Answer 2

in case you're interior the united states, spell phrases like "globalization" and "civilization" with Zs; interior the united kingdom and maximum different English-talking international places, use "-sion" somewhat. Globalization is the assumption and technique of international (extra or much less) loose commerce. Globalization may additionally confer with the homogenization of cultures around the globe because of the impression of distant places products, rather from the united states, which could "infiltrate" an latest custom. a competent occasion of this is the speedy strengthen of yankee rapid-food agencies like KFC and McDonalds in China. Globalization, whether it has a tendency to get rid of commerce barriers and strengthen wealth, may additionally rigidity human beings in undeveloped or coming up international places to into positions of financial dependency. because of the united states' place interior the international's financial equipment, globalization very just about potential Americanization. consequently, globalization is incredibly unpopular in some circles. Globalization isn't inevitable according to se, neither is the different human interest, yet a brilliant style of individuals have an extremely stable motivation (money) to maintain it going.

Answer 3

Depends on whether you mean cash or accrual.