Discussion 1,2,3 - The GAAP regulations allow for variations
Question # 00784934
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Updated on: 11/25/2020 12:04 PM Due on: 11/25/2020
Discussion #1
The GAAP regulations allow for variations in reporting financial data. What is the purpose of these options? There has also are been discussion to replace the GAAP with IFRS standards. Discuss.
Discussion #2
There are various ways that sales may be reported. However, the consistency principle of accounting states that the same methods and procedures should be followed every year. Discuss.
Discussion #3
Depreciation may be calculated several different ways. Why are these alternatives are allowed for reporting? Discuss.
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Solution: Discussion 1,2,3 - The GAAP regulations allow for variations