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https://quizlet.com/14043478/accounting-201-ch-2-flash-cards/
Generally accepted accounting principles (GAAP) A set of rules and practices, having substantial authoritative support, that the accounting profession recognizes as a general guide for financial reporting purposes.
https://businessays.net/generally-accepted-accounting-principles/
In 2009, the main source of authoritative nongovernmental GAAP resides in the FASB codification. The codification contains up-to-date accounting authoritative literature from several difference sources such as: AICPA, APB, FASB, and SEC and is now provided in one location for accountants to research GAAP …
https://www.justanswer.com/finance/3pl43-1-a-generally-accepted-accounting-principles-gaap.html
Jul 06, 2010 · Generally Accepted Accounting Principles (GAAP) are a set of rules and standards, having substantial authoritative support, that are recognized as a general guide for financial reporting. 1(b) The bodies that provide authoritative support for GAAP are the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB).5/5(5.9K)
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What bodies provide authoritative support for GAAP? Answer. Wiki User July 09, 2011 2:07AM. The SEC, FASB, AICPA, APB AND IASB. Related Questions . Asked in Banking, Accountants
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Primary authoritative support differs from secondary authoritative support in that the former one provides sufficient authoritative support for including a particular accounting principle within GAAP. However, secondary authoritative support includes sources that support inclusion within GAAP, but individually do not constitute authoritative ...
http://people.wku.edu/jack.hall/gaap.html
Appendix A, APB Opinion No. 6--Special Bulletin "Generally accepted accounting principles" are those principles which have substantial authoritative support.; Opinions of the Accounting Principles Board constitute "Substantial authoritative support."Substantial authoritative support can exist for principles that differ from Opinion of the Accounting Principles Board.
https://quizlet.com/117393118/chapter-2-flash-cards/
GAAP is a set of rules and practices established by accounting standard-setting bodies to serve as a general guide for financial reporting purposes False substantial authoritative support for GAAP usually comes from two standards-setting bodies: the FASB and the IRS.
https://www.coursehero.com/file/p19t8ai/13-primary-authoritative-support-sources-that-provide-sufficient-authoritative/
13. primary authoritative support: sources that provide sufficient authoritative support for including a particular accounting principle within GAAP. Secondary authoritative support: sources that support inclusion of particular accounting principles within GAAP, but individually are not sufficient authoritative support…
https://dart.deloitte.com/USDART/home/codification/general-principles/asc105
ASC 105 Generally Accepted Accounting Principles This Topic establishes the FASB Accounting Standards Codification (Codification) as the source of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities.
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The historical cost principle requires that an asset continue to be reported at original cost over the life of the asset. The historical cost principle requires that if a company buys a building for $2,000,000 in 2012 that increases in value to $2,900,000 in 2014, the company will have to report the building at $2,000,000 in the balance sheet for 2014.
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