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:

Stakeholders

Individuals, groups, or organizations that have an interest or concern in an organization's activities, decisions, and success, including employees, customers, suppliers, and investors.

Attraction-Selection-Attrition (ASA) Theory

A theory in organizational psychology that explains how organizations tend to attract, select, and retain individuals with similar personalities and values.

Organizational Members

Individuals who are part of an organization, including both management and non-management staff, contributing to its culture, goals, and outcomes.

Values

Core beliefs or principles that guide and motivate attitudes and actions in individuals and organizations.