General Accepted Accounting Principles - Research Paper by Hedrindk

TOP ESSAY WRITING SERVICES REVIEWS


Rank
Service
General
Prices

1
  • Since 2008
  • Free revisions
  • Money-back guaranty
  • Up to 5% for the first order. Up to 15% for the orders starting from 2nd

from $9.97/pp

visit site

2
  • Since 2009
  • Free title page, revisions
  • Discount policy
  • Satisfaction guarantee
  • More than 100 000 orders delivered

from $9.97/pp

visit site

3
  • Since 2010
  • PhD holding authors only
  • SMS notifications & VIP support
  • Discount policy

from $22/pp

visit site

4
  • Since 2010
  • 24/7 support team
  • More than 500 writers
  • Money-back guaranty
  • Up to 15% discounts

from $9.97/pp

visit site

 

My Account
Anti Essays

Welcome

Anti Essays offers essay examples to help students with their essay writing.

Sign Up

General Accepted Accounting Principles Essay

Open Document

Below is an essay on "General Accepted Accounting Principles" from Anti Essays, your source for research papers, essays, and term paper examples.

The purpose of this paper is to provide research and discussion on the following terms: (a) General Accepted Accounting Principles, (b) Double Entry Accounting, (c) Historical Cost, (d) Accrual Basis vs. Cash Basis Accounting and € Current Assets and Liabilities vs. Non-Current Items. The second part will provide a review of the assigned annual reports and address the following questions: (1) Describe the general organization of each of the three sets of financial statements, (2) Which is more useful in your opinion for each of the three companies, Net Income or Cash from Operating Activities? (3) Make one prediction about each company from the company’s financial statements. (4) Reach one additional conclusion about each company from the additional information you find in the annual report.
General Accepted Accounting Principles (GAAP) are a common set of accounting principles and standards that are generally accepted and universally practiced. GAAP are a combination of authoritative standards set by the Financial Accounting Standard Board (FASB). The organization established broad reporting standards of general applicability as well as specific accounting rules. The Securities and Exchange Commission (SEC) is another ground which also sets standards. They are a governmental agency which requires companies to files financial reports that follow the rules of the GAAP. The SEC also mandates that specific guidelines will be used when situations have no principle.
Double Entry Accounting is defined as a method that involves each transaction being recorded in at least two accounts, resulting in a debit to one or more accounts and a credit to one or more accounts. It provides a method to quickly check the accuracy because the sum of all accounts with debit balances should equal the sum of all credit accounts. This is one of the most commonly used methods by businesses because without it they run into difficulty when preparing year end and tax records. This method...

Show More


Related Essays

Citations

MLA Citation

"General Accepted Accounting Principles". Anti Essays. 12 Dec. 2017

<http://anties.wressy.com/free-essays/General-Accepted-Accounting-Principles-169272.html>

APA Citation

General Accepted Accounting Principles. Anti Essays. Retrieved December 12, 2017, from the World Wide Web: http://anties.wressy.com/free-essays/General-Accepted-Accounting-Principles-169272.html