About This Chapter
Accounting Principles & Standards - Chapter Summary
Check out these simple accounting lessons to review basic accounting principles and standards. You can expect to review the Generally Accepted Accounting Principles as well as the functions and history of the Governmental Accounting Standards Board. If you have any questions about these principles/standards, you can easily reach out to our expert accounting instructors online. The chapter also comes with interactive self-assessment quizzes to help you retain your understanding of the material. When you're finished, you'll be able to:
- Identity and explain the Generally Accepted Accounting Principles (GAAP)
- Evaluate the role and history of the Governmental Accounting Standards Board (GASB)
- Assess the impact of the GASB on financial reporting
- Interpret GASB statements
- Explain how the GASB and the FASB treat different types of organizations
1. What Is GAAP? - The Generally Accepted Accounting Principles
Rules and regulations are a part of life for everyone, including those in the accounting industry. In this lesson, you will learn about GAAP standards, what they mean to accounting, and who establishes them.
2. GASB: Role & History
Public-sector accounting is different from private-sector accounting, so public accounting standards are different. This lesson will discuss a standards board called GASB, covering its role and history.
3. Impact of the GASB on Financial Reporting
This lesson will go over the GASB and how it impacts financial reporting for state and local governments. The lesson will further go into GASB publications, and how GAAP is involved in state and local financial reporting.
4. GASB Statements
The Government Accounting Standards Board (GASB) issues several statements intended for public accounting. This lesson will discuss the purpose and makeup of these statements.
5. GASB & FASB's Treatment of Organizations
In this lesson, we will discuss how GASB (Government Accounting Standards Board) and FASB (Financial Accounting Standards Board) differ in reporting for government and nonprofit organizations.
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