Why is the need for GAAP? Learn with Accounting Assignment Help by
Accounting is all about creating and maintaining financial statements for an individual or a company. It can be handled by a bookkeeper or a sizeable finance department depending upon the nature of work. If your company is or would be listed down in the stock exchange then you would need to understand the Generally Accepted Accounting Principles (GAAP). Mentyor has a range of experts who excel at accounting and have a comprehensive knowledge of the nuances of accounting. Students who find it difficult to do their assignments in accounting must avail Mentyor’s Accounting Assignment Help. Mentyor provides assignment writing service to students across the world at extremely low prices.
What is GAAP?
It is a set of rules, standards, and practices used by almost all the companies so that it is standard across the companies. It is reliable and easy for shareholders and investors to understand the financial statements issued outside the company. GAAP is an effective tool for the following things:
- Measurement of Economic Activity
- Producing information about an activity
- Providing and creating economic information
- Measurement of the Company’s finances at regular intervals
List of things covered in GAAP
- Revenue Recognition
- Balance Sheet Item classification
- Outstanding share Management
GAAP is accepted almost everywhere because of it’s a reliable accounting rule. If the economic statements are not prepared using GAAP, investors should stay cautious. It is based on double-entry accounting method; it is a method in which entry of each and every revenue generated and expenditure done is recorded at two places on a company’s balance sheet.
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