The generally accepted accounting principles (GAAP) consist of accounting standards, underlying accounting concepts and principles, and the Conceptual Framework. Explain the relationships among various components of GAAP. How do preparers of general purpose financial reports determine which component to be apply first?

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The Answer of The generally accepted accounting principles (GAAP) consist of accounting standards, underlying accounting concepts and principles, and the Conceptual Framework. Explain the relationships among various components of GAAP. How do preparers of general purpose financial reports determine which component to be apply first?

The Generally Accepted Accounting Principles (GAAP) Consist of Accounting Standards