Week 5 Ind assignment

Week 5 Ind assignment - Ch. 7 1. (a) What are generally...

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Ch. 7 1. (a) What are generally accepted accounting principles (GAAP)? Generally accepted accounting principles (GAAP) are a set of rules and practices that are recognized as a general guide for financial reporting purposes. (b)What bodies provide authoritative support for GAAP? Generally accepted means that these principles must have “substantial authoritative support.” Such support usually comes from two standard-setting bodies: the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC). 2. What elements comprise the FASB’s conceptual framework? (1) objectives of financial reporting (2) qualitative characteristics of accounting information (3) elements of financial statements (4) operating guidelines (assumptions, principles, and constraints) Ch. 8 E8-5 Listed below are five procedures followed by The Beat Company. 1. Several individuals operate the cash register using the same register drawer. 2. A monthly bank reconciliation is prepared by someone who has no other cash
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Week 5 Ind assignment - Ch. 7 1. (a) What are generally...

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