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devry acct304 week 1 discussions

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Question;Generally Accepted Accounting Principles (GAAP) are guidelines for;companies to follow as they prepare and issue financial statements. Let?s start;by getting an understanding of why the guidelines were developed in the first;place? Who relies on the financial statements (external users)? What happens if;an External User relies on financial statements that are inaccurate? What;negative consequences can arise from relying on inaccurate financial statements?;Q2;This section lists;options that can be used to view responses.;Accounting Conceptual Framework;(graded);A sound foundation is necessary for success in any task from building a;house to putting on make-up. In terms of U.S. Accounting Standards, it is also;necessary to have a sound foundation, referred to as the conceptual framework.;Let?s discuss it step by step starting with the objective. What is the;objective of accounting standards?

 

Paper#40382 | Written in 18-Jul-2015

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