The GAAP are established accounting principles are established to standardize financial accounting (Bragg et al, 2004, p1). They are predominately employed when it comes to accounting and book keeping and also while preparing financial statements for businesses.
The GAAP highlights the various procedures that have to be employed by the Proprietorships, partnerships and companies in order to initiate business, handle accounts, make regulatory reporting and perform audit on the financials.
The nonprofit agencies are business entities and corporations that do not exist to make profit and are also not public businesses. These businesses operate in a profitable manner but invest all profits back in the business for continuity. The GAAP rules and principles provide that not for profit businesses and agencies also have to prepare financial statements for reporting that include statement of financial position, statement of activities, statement of cash flows and statement of functional expense (Jones et al).
Thank you for visiting Essaydemon.com and viewing our articles and sample papers. Kindly be informed that all these articles and sample papers are for marketing purposes only. The sole purpose of these articles and sample papers is just to provide our customers with an idea about our services before they place an order.
Kindly visit our order/inquiry page for further assistance.
Kindly order custom made Essays, Term Papers, Research Papers, Thesis, Dissertation, Assignment, Book Reports, Reviews, Presentations, Projects, Case Studies, Coursework, Homework, Creative Writing, Critical Thinking, on the topic by clicking on the order page.