group 3 answers

group 3 answers - Group 3 Class Work 1 1. GAAP are the...

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Group 3 – Class Work 1 1. GAAP are the generally accepted accounting principles and are the rules for preparing financial statements. Comparability is a requirement for GAAP because it is important that a company’s financial statements and other documentation can be compared to similar businesses within its industry for benchmarking purposes. 2. An unqualified opinion or a clean opinion indicates that the company’s financial statements fairly present its financial condition in accordance with GAAP, given without any reservations. An example would be the matching principle; expenses incurred in generating revenues in a period are matched with these revenues. 3. The SEC is the federal agency that has the ability to implement rules that require US companies to use the International Financial Reporting Standards (IRFS). 4. The Foreign Corrupt Practices Act makes it a crime for any American company to make or promise to make payments or gifts to foreign officials, political candidates, or parties
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This note was uploaded on 02/05/2011 for the course BULE 402 taught by Professor Shubin during the Fall '10 term at George Mason.

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