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Generally Accepted Accounting Principles Paper - Essay Example
Pages 4 (1004 words)
Generally Accepted Accounting Principles Paper Subject: Professor: December 10, 2012 Generally accepted accounting principles entail rules or policy compliance. The research delves on describing United States Generally Accepted Accounting Principles…
The accounting Principles are accounting standards that should be implemented, without exception. The United States Generally Accepted Accounting Principles indicate how to record the entity’s assets, liabilities, capital, revenues, expenses, costs, and profits in the financial reports. The entity includes the healthcare facilities. There are organizations that are tasked with implementing the United States generally accepted accounting principles (Kieso, 2011). The United States Securities and Exchange Commission (SEC) contributes to more understandable United States Generally Accepted Accounting Principles (GAAP). The American Institute of Certified Public Accountants (AICPA) plays a major role in the successful implementation of the same principles. United States Financial Accounting Standard Board (FASB) contributes a vital part in the propagation and discussion of the complex United States Generally Accepted Accounting Principles. In terms of assets, the United States health care facilities must implement all rules in terms of recording the fair amount of assets during the related accounting period (Glencoe, 2008). The assets include what the United States health care facilities own. ...
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