GAAP Essay
Review the following website from the Financial Accounting Foundation regarding “The Importance of Generally Accepted Accounting Principles” including the video entitled “The Importance of GAAP” and the sections “About GAAP”, “GAAP & Private Companies”, “GAAP & State and Local Governments”, and “GAAP & Public Companies”.
Answer these questions in paragraph form. I would recommend that you type this into Microsoft Word (or a similar word processing software) and then copy & paste it into webcourses. This response should be a minimum of 250 words TOTAL for all the questions, about 50 words per question. (10 points)
- Why are Generally Accepted Accounting Principles important?
- What are the three categories of financial reporting that must follow GAAP?
- How does using GAAP help private companies go public?
- How does using GAAP benefit a government organization?
- Why do all public companies use GAAP?
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