StoreHomework - BUS 591 Week 1 DQ 1 Generally Accepted Account...

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BUS 591 Week 1 DQ 1 Generally Accepted Accounting Principles (G.A.A.P)

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Briefly discuss Generally Accepted Accounting Principles or G.A.A.P. What are they? What is their purpose? Name the U.S. and international standard-setting bodies that established these principles. Are all companies required to follow these principles? Why or why not?
Your answer should illustrate understanding of generally accepted accounting principles and their international counterpart.

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