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Terri Chichester_Unit2_Project

Terri Chichester_Unit2_Project - System(FARS that include...

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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
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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 ....
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  • Winter '10
  • Day
  • Generally Accepted Accounting Principles, U.S. Securities and Exchange Commission, Financial Accounting Standards Board, accepted accounting principles, financial accounting standards, applicable ethical criteria

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