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ACC 421 Wk 1 Discussion – GAAP
Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.
Due Thursday
Respond to the following in a minimum of 175 words:
Discuss “generally accepted accounting principles,” or GAAP. How do accounting principles become “generally accepted,” and how are accountants made aware of these principles? What are the negative consequences, if any, that an account can expect who fails to follow GAAP?
Due Monday
Reply to at least two of your classmates. Be constructive and professional in your responses.