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21 May 2019

What is thepurpose of generally accepted accounting principles (GAAP) and theaccounting cycle? Is it possible to deviate from GAAP and theaccounting cycle and still prepare financial statements? Why? Whatare some possible consequences of this course of action?

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Jarrod Robel
Jarrod RobelLv2
22 May 2019
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Related questions

Is it possible todeviate from GAAP and the accounting cycle and still preparefinancial statements?


Why or why not?


What are some possible consequences of this course ofaction?

Identify and discuss, in in at least 150 words, the concepts,principles, and doctrines of the federal tax law.

Completing this Assessment will help you meet the followingoutcomes:

Course Outcomes:

Identify the concepts, principles, and doctrines of the federaltax law.

Program Outcomes:

Interpret and apply generally accepted accounting principles(GAAP)to analyze, record, and report financial information.

Institutional Outcomes:

Thinking Abilities: Employstrategies for reflection on learning and practice in order toadjust learning processes for continual improvement.

"Consolidation of Financial Information" Please respondto the following:

-Per the FASB, there is a presumption that consolidatedfinancial statements are more meaningful (e.g., provide the mostrelevant information) than separate financial statements for theend users. Take a position on whether you agree or disagree withthis presumption. Provide support for your rationale.

-Analyze the main differences in the definition of controlbetween U.S. Generally Accepted Accounting Principles (GAAP)prepared consolidated financial statements and InternationalFinancial Reporting Standards (IFRS) prepared financial statements.Determine which definition of control provides the most usefulinformation to the end users. Provide support for yourrationale.

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