Terri Chichester_Unit2_Project

Terri Chichester_Unit2_Project - System (FARS), that...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Terri Chichester AC300-03 Unit 2, Chapter 1 C1-9 The rules for financial reporting are called Generally Accepted Accounting Principles (GAAP). GAAP is the guidelines, practices, and procedures that companies must use in reporting and recording the accounting information in its financial statements. The sources of GAAP include pronouncements by the Financial Accounting Standards Board (FASB), Accounting Principles Board (APB), Committee on Accounting Procedure (CAP), and the Security Exchange Commission (SEC) in four categories of descending order of importance with the most important rules, guidelines, and procedures being under category A. Most of the GAPP rules and regulations can be found on electronic databases, such as FASB’s Financial Accounting Research
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: System (FARS), that include most of the accounting standards. C1-12 The steps that I would take to address this ethical delima are to use the multi step process combining the three ethical models. The utilitarian model evaluates actions based on the greatest good for the greatest number, the rights model adopts the actions that protect individual rights, and the justice model emphasizes a fair distribution of benefits and burdens. I would then take overwhelming factors into consideration before deciding on what action to take while basing my decision on a fair evaluation of the applicable ethical criteria ....
View Full Document

This note was uploaded on 11/14/2011 for the course AC300 300 taught by Professor Day during the Winter '10 term at Kaplan University.

Ask a homework question - tutors are online