Write an essay on Generally Accepted Accounting Principles

Write an essay on Generally Accepted Accounting Principles

The Week 3 Forum consists of one question:
List and briefly describe the five major generally accepted accounting principles (GAAP) that accountants must consider when presenting financial accounting information. list and describe generally accepted accounting principles.
Instructions: Your initial response should have extensive words (at least 250 words).
Please use reference in APA format.
This week we will explore Chapter(s) 5 and 6 of the textbook. Chapter 5 reviews the
accounting cycle and details completion of the worksheet, financial statements,
adjusting entries, and closing entries. Additionally, the chapter explains the classified
balance sheet and use of the current ratio. Chapter 6 stresses accounting theory and
discusses assumptions and concepts that are the foundation of accounting.

Answer Preview……….

APA 397 words