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:

Managers

Individuals responsible for planning, organizing, leading, and controlling the activities of an organization to achieve business goals.

Planning Process

A series of steps taken to achieve a specific goal, typically involving setting objectives, developing strategies, and outlining tasks and schedules.

Situation Analysis

An assessment of an organization's current situation, identifying its strengths, weaknesses, opportunities, and threats to inform strategic planning.

Competitive Advantages

Refers to the attributes that allow a company to produce goods or services better or more cheaply than its rivals, thus providing a superior value to the customer and a benefit over competitors.