Bookkeeping

As a result, Lucy cannot accurately determine which expenses are directly related to producing cupcakes and which are necessary for running her business. The four principles of GAAP include the principle of consistency, the principle of regularity, the principle of sincerity, and the principle of full disclosure. As tax laws vary by business structure and […]

User groups consist of those most interested in or affected by accounting rules. Some accountants have said that politicization in the development and acceptance of generally accepted accounting principles (i.e., rule-making) is taking place. Generally Accepted Accounting Principles were eventually established in response to the 1929 Stock Market Crash and the Great Depression it caused.