Winter ACC 300 week 2 homework

Winter ACC 300 week 2 homework - These rules can be found...

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The U.S. GAAP is a set of required guidelines, procedures and practices to be followed in financial reporting. FASB is a policy making committee that approves accounting standards. The basic principles are to reduce time and effort to solve an accounting issue, reference accounting literature to reduce chances of error in compliance, and provide updates as new standards are issued.
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Unformatted text preview: These rules can be found by visiting FASB accounting standards codification. All rules are equally important and knowing which rule to apply to an individual situation is key; however, each category is listed by order of importance. Category A – most important because these are established GAAP sources and Category B – D are used in reference to identify GAAP....
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This note was uploaded on 07/10/2011 for the course AC116 AC116 taught by Professor Janowich during the Spring '10 term at Kaplan University.

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