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Assignment: GAAP in Accounting

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• Due No Due Date
• Points 100
• Submitting a file upload

Read an article on the purpose of GAAP (Links to an external site.)Links to an external site. .

Write a 1-2 page paper that addresses the following questions:

• How does GAAP standardize accounting records across companies?
• Why are private businesses not required to follow GAAP?
• Which issues may have occurred before rules for accounting documentation were standardized?
• Who maintains GAAP rules? Why is this separate from the responsibilities of government?
• What is the difference between preparing reports without GAAP?
• What are some issues that GAAP does not address?

Submission Requirements

Submit the following documents by the due date. Be sure to follow these requirements in your work:

• Type your assignment in an MS Word document (.doc or .docx).
• Do not copy word for word from the textbook or any websites you visit.
• Times New Roman, 12pt Font, double spaced

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