Distinguish Between Generally Accepted Auditing Standards (GAAS)and Generally Accepted Accounting

question 5

Essay

Distinguish between generally accepted auditing standards (GAAS)and generally accepted accounting principles (GAAP).What professional organization establishes GAAS?
What professional organization establishes GAAP?

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Definitions:

Standard Cost

A predetermined cost of manufacturing a product or providing a service, used for budgetary and inventory purposes.

Price Variance

The difference between the standard cost of a product or service and its actual cost, used in budgeting and financial analysis.

Quantity Variance

A measure used in budgeting and accounting to compare the actual quantity of materials or products used to the expected amount under standard costing.

Cost Variance

The difference between the expected cost of a project or production and the actual cost.