Why is it important to have one generally accepted set

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Reference no: EM133433660

Questions: In the United States, the FASB establishes financial accounting rules. Why is it important to have one generally accepted set of financial accounting rules?

Employees can more easily interpret the financial data given with their regular paychecks.
The Securities and Exchange Commission (SEC) can compute the income taxes to be paid by each taxpayer.
The American Institute of Certified Public Accountants (AICPA) can use the financial statements in collecting dues from its members.
Financial statement users can more easily compare financial reports from different companies.

Reference no: EM133433660

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