Explain What Is Covered by GAAP and Why It Is

question 101

Essay

Explain what is covered by GAAP and why it is important to use these standards.

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Definitions:

Quid Pro Quo

A Latin term used to describe a situation where something is given or received in exchange for something else, essentially a mutual exchange or a transaction of equal value.

Assertive

The quality of being self-assured and communicative while respecting the rights and beliefs of others.

Cognitive Restructuring

Technique of mentally converting negative aspects into positive ones by looking for the positive elements in a situation.

Drama

A genre of narrative fiction (or semi-fiction) intended to be more serious than humorous, focusing on in-depth development of realistic characters and emotional themes.