Suppose you are starting a business, wholly shirts, to imprint logos on t-shirts. in organizing the business and setting up its accounting records, you take your information to a cpa to prepare financial statements for the bank. name the organization that governs the majority of the guidelines that the cpa will use to prepare financial statements for wholly shirts. what are those guidelines called?
The guidelines is called Generally accepted accounting principle. Generally accepted accounting principle is a method to conduct financial reporting that is deemed as acceptable for Security Exchange Comission. The purpose of the GAAP is to ensure that all companies follow a generalized rule in making their finnacial report.
