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Question 1: List and briefly describe the five major generally accepted accounting principles (GAAP) that accountants must consider when presenting financial accounting information.
Instructions: Your initial response should have extensive words. Reply to at least two of your classmates. Replies to classmates should include direct questions. In-text citations and references may be in APA format but is NOT required
Chien Corporation is a recently formed business selling the "World's Best Doormat." The corporation is selling doormats faster than Chien can make them.
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Perform a vertical analysis of the income statement. The industry standards are a gross margin of 45 percent and net income of 15 percent
There is a difference between GAAP and IFRS relative to the LIFO cost assumption for valuing inventories. GAAP permits the use of LIFO and IFRS does not.
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