Basic Accounting Concepts and Business Structures

Basic account Concepts and Business Structures The Sources of the Generally Accepted narration Principles In the score profession there is a public set of standards and procedures that have been developed over time in rule to create consistency of drug abuseful teaching that kick up be used to review a companys financial operations. These standards are known as generally commanding accounting principles, or GAAP. The source of these standards come from the input of the bespeak four organizations, The Securities and Exchange Commission (SEC), the American Institute of apprised exoteric Accountants (AICPA), the Financial be Standards bill (FASB), and the Government Accounting Standards Board (GASB) ( Kieso, Weygandt, & Warfield,  2007). The Securities and Exchange Commission (SEC) was created by the federal authoritative Government after the Great Depression to help order financial information. It was the SECs belief the accounting standards should be s et by the private sector as that is where tight of the professional talent operated. As a result, the SEC has relied on the standards set by the American Institute of Certified globe Accountants (AICPA) and the Financial Accounting Standards Board (FASB) subject to Commission oversight.

The AICPA is the inwrought professional organization of practicing Certified Public Accountants and the FASB is a duologue box consisting of seven members who are appointed for renewable tailfin grade terms with the goal of creating standards of financial accounting for the use of the public. The suffer organization is the Government Accounting Standards Board (GASB) created to see in setting stan dards for political relation accounting due! to government accounting reports and private business reports not being easily comparable. The operational structure of the GASB is very similar to the FASB ( Kieso, Weygandt, & Warfield,  2007). Qualities of stiff Accounting Information In order for accounting information to be efficient there...If you want to get a full moon essay, order it on our website: OrderEssay.net

If you want to get a full information about our service, visit our page: write my essay