What Are Generally Accepted Accounting Principles (GAAP)? Which Entity Is

question 58

Essay

What are Generally Accepted Accounting Principles (GAAP)? Which entity is currently responsible for determining GAAP?

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Definitions:

Inherent Powers

Powers not explicitly spelled out in the Constitution but assumed to exist due to their being necessary for the government to perform its duties effectively.

Expressed Powers

Expressed Powers are those powers of Congress specifically listed in the Constitution of the United States, giving the legislature the authority to enact certain types of legislation.

Delegated Powers

Authorities specifically granted to the federal government by the Constitution, distinct from powers reserved to the states.

Presidential Orders

Presidential Orders, including executive orders and proclamations, are directives issued by the President of the United States to manage operations of the federal government.