Unlike generally accepted accounting principles (gaap) for accountants, there are not principles, standards, concepts, or

8 answers
Question:

Unlike generally accepted accounting principles (gaap) for accountants, there are not principles, standards, concepts, or values common to business ethics. a. trueb. false

Answers

Unlike Generally Accepted Accounting Principles (GAAP) for accountants, there are not principles, standards, concepts, or values common to business ethics is a FALSE statement.

Explanation:

The GAAP has a wide range of applications owing to the unanimous addition of functions to the discipline of accountancy. Other than GAAP, certain countries and businesses follow the accounting methods given by 'other comprehensive basis of accounting' (OSBOA). Some businesses choose to follow both at once, while the majority choose to follow either of them.

Accounting Principles Board (ABP) opinions: accepted practice and constitute the requirements to be followed by all business enterprises.

Accounting Standards Updates: the accounting profession's authoritative pronouncements on financial accounting and reporting practices.

Explanation:

The APB's opinion is an authorized statement issued by the Accounting Principles Board. Official feedback has been given on various accounting issues that require clarification and interpretation. During its existence, the APB listed 31 meetings between 1962 and 1973. The Board was established by the American Accounting Institute (AICPA) and replaced by the Financial Accounting Standards Board (FASB) in 1973. General Conceptual Framework for US General Accounting Principles (US GAAP). APB was the main organization that created the US GAAP, and its ideas are still an important part.

Accounting Standards Updates provide approved disclosures about accounting and reporting practices related to the accounting profession. Operations include:

- How has the US GAAP changed, including any specific changes to FASB coding?

-FASB has decided to change the US GAAP and change information

Changes will be effective over time and the method of transition.

Be tailored to the specific needs of an individual decision maker.

Explanation:

A managerial account report is more likely to be tailored to the specific needs of an individual decision maker. This is usually In comparison with a financial statement prepared in conformity with generally accepted accounting principles,

The managerial account lays its focus on specific needs which the decision maker needs.

It doesn't do any of theses;

Focus upon the operating results of the most recently completed accounting period neither does it View the entire organization as the reporting entity.

Conservatism

Explanation:

Conservatism also known as the "doctrine of prudence" is a principle where by the accountant plays safe by anticipating future losses without considering future gains.

d. are accounting rules that are recognized as a general guide for financial reporting.

Explanation:

Generally accepted accounting principles are rules and standards, which are commonly used in the Financial reporting. It provides the guidance for difference accounting and reporting issues. These are published By Financial Accounting Standards Board (FASB). There is no assurance that all accounting errors in accounting have been eliminated, These standards provide the best possible solution for accounting events.

The answer is: True

Explanation:

Generally accepted accounting principles (GAAP) are the most common set of accepted accounting principles, standards and procedures that businesses, their accountants and auditors must follow when they disclose their financial statements. For example, the SEC only admits financial statements that follow the US GAAP.

GAAP are meant to ensure a minimum level of consistency in a company's financial statements, so they can be analyzed and compared by investors an regulating authorities.

As long as an accountant follows the GAAP, he or she can use their personal judgement while elaborating the financial statements of a company.

D is correct u have get rid of something

Money and bussiess investments. I hope this helps

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