Assignment 1 ACC 537 1

Assignment 1 ACC 537 1 - Running head: EXPLAINING BASIC...

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Running head: EXPLAINING BASIC ACCOUNTING CONCEPTS AND BUSINESS 1 Explaining Basic Accounting Concepts and Business Structure Generally Accepted Accounting Principles Sources and Hierarchy Category (A): FASB Standards, Implementations, and Staff Positions; APB Opinions; AICPA Accounting Research Bulletins. (Most Authoritative) (Kieso, 2007, p. 12). If any transactions not covered under category A companies can used other authoritative literature under categories B, C and D for selecting and applying appropriate accounting principles ( Kieso, 2007, p. 12). Category (B): FASB Technical Bulletins (no longer issued); AICPA Industry Audit and Accounting Guides; AICPA Statements of Position. Category (C): FASB Emerging Issues Task Force; AICPA; AcSEC Practice Bulletin. Category (D): AICPA Accounting Interpretations; FASB Implementation Guides (Q and A); Widely recognized and prevalent Industry practices (Least Authoritative) (Kieso, 2007, p. 12). The GAAP hierarchy consists of the sources of accounting principles used in the preparation of financial statements of federal reporting entities that are presented in conformity with GAAP and the framework for selecting those principles. ( www.fasab.gov/accepted.html) The GAAP hierarchy provides that statements of federal financial accounting standards
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Assignment 1 ACC 537 1 - Running head: EXPLAINING BASIC...

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