Define generally accepted accounting principles or standards

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Reference no: EM1345519

A. What is the objective of financial reporting?

B. If you had to explain or define "generally accepted accounting principles or standards," what essential characteristics would you include in your explanation?

C. The chairman of the board of directors of the company for which you are chief accountant has told you that he has little use for accounting figures based on cost. He believes that replacement values are of far more significance to the board of directors than "out of date costs". Present some arguments to convince him that accounting data should still be based on cost.

D. When is revenue generally recognized? Why has the date been chosen as the point at which to recognize the revenue resulting from the entire producing and selling process?

Reference no: EM1345519

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