GAAP is the acronym for generally accepted accounting principles. GAAP consists of the following:
- Basic underlying accounting principles, assumptions, and concepts
- Detailed reporting standards and other rules established and organized by the Financial Accounting Standards Board (FASB)
- Generally accepted industry practices
- For your initial post, do the following:
- Use the internet or PMI library to research one of the following basic underlying accounting principles:
- Economic Entity Assumption
- Going Concern Assumption
- Time Period Assumption
- Monetary Unit Assumption
- Cost Principle (or Measurement Principle)
- Matching Principle (or Expense Recognition Principle)
- Revenue Recognition Principle
- Full Disclosure Principle
- Industry Practices
- Explain the principle . Be sure to discuss why it is important.
- Use the internet or PMI library to research one of the following basic underlying accounting principles:
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