Generally Accepted Accounting Principles (GAAP)
In the United States, a public company’s financial statements must be according to Generally Accepted Accounting Principles (GAAP). These principles are cost, revenue recognition, and matching principles. Examine the financial statement and notes of a public company. Write a paper between 6 and 8 pages (double-spaced) discussing the following:
1. Introduction/Background Information.
2. GAAP and description of the accounting principles: Cost, revenue recognition, and matching.
3. Selected company’s application of GAAP in cost recording, revenue recognition, and matching of expenses and revenues.
4. Description of recent accounting standard(s) and pronouncement(s) that affect the selected company’s financial statements.
5. Assertions of internal controls described in the notes to the financial statements.
You will find it useful to consult other credible sources through the library to learn more about your selected company, GAAP, and other information you may need.