Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

Exercise 16

Generally Accepted Accounting Principles
Generally accepted accounting principles play an important role infinancial reporting.
a.hat ismeant by the phrase generally accepted accounting principles
b.hat are the major sources ofthese principles
c.s there a single comprehensive list ofgenerally accepted accounting principles Explain.
d.hat types ofaccounting reports are prepared inconformity with generally accepted accounting principles