Generally Accepted Accounting Principles

question 54

Essay

Generally Accepted Accounting Principles
The accounting department of Burke Manufacturing prepares numerous reports at the request of,and for exclusive use by,the management of the company.Is it necessary that these managerial accounting reports be developed in accordance with generally accepted accounting principles (GAAP)?

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Definitions:

Notice

A formal communication informing a party of an action, decision, or legal requirement that impacts them.

College Roommate

A person with whom one shares a living space in a college or university residence.

Negotiable Instruments

Financial documents that promise to pay the bearer or named party a specific amount of money either on-demand or at a future date.

Anti-Assignment Clause

A provision in a contract that prohibits the transfer of rights or delegation of duties to another party without the original party's consent.