Define generally accepted accounting principles

Reference no: EM132268427

Question: Part 1: Generally Accepted Accounting Principles (G.A.A.P)

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.

Part 2: Annual Reports

Visit the website for Tootsie Roll. Click on "Company Information" then "Financial Information". Open the latest annual report and review it to find the answers to the following questions:

• What are Tootsie Roll's corporate principles? Do you agree with these principles, or do you feel there are additional principles that should be included?

• What was the total amount of Tootsie Roll's assets for the most current year available?

• What was the total amount of Tootsie Roll's liabilities for the most current year available?

• What is the amount of the difference between Tootsie Roll's assets and liabilities? What is this difference called?

Based on your initial findings at the Tootsie Roll website, would you consider investing in them? Why or why not? Your answer should illustrate critical thought and understanding of the annual report and financial statements.

Textbook: Financial Accounting - Tools For Business Decision Making (By Paul D. Kimmel, Jerry J. Weygandt, and Donald E. Kieso

Chapter 1: Introduction to Financial Statements

Chapter 2: A Further Look at Financial Statements

Information related to above question is enclosed below:

Attachment:- Discussion.rar

Reference no: EM132268427

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