Development of Generally Accepted Accounting Principles

question 86

Essay

Development of generally accepted accounting principles
(A. )What is meant by the phrase "generally accepted accounting principles"?
(B. )Give the names of three organizations that currently play an active role in the development of accounting principles in the United States.

---

Definitions:

Utmost Good Faith

A legal doctrine requiring parties to act with honesty and not mislead or withhold critical information from one another.

Verbal Agreement

A verbal agreement is an oral contract or understanding between parties, which can be enforceable depending on the context and the nature of the agreement.

Written Contract

A written contract is an agreement between parties that is recorded in a document form, providing clear terms and conditions that are legally enforceable.

First-Grade Steel

First-grade steel is a classification of steel indicating premium quality, meeting the highest standards of strength, durability, and purity.