Accounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are based on certain assumptions and principles. Explain the four basic principles associated with GAAP include objectivity, materiality, consistency, and prudence, then give your own example for each.

Accounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are based on certain assumptions and principles. Explain the four basic principles associated with GAAP include objectivity, materiality, consistency, and prudence, then give your own example for each.

Principles of Accounting Volume 1

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ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

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Accounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are based on certain assumptions and principles.

Explain the four basic principles associated with GAAP include objectivity, materiality, consistency, and prudence, then give your own example for each.

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