A discussion of the importance of generally accepted accounting principles (GAAP), followed by a brief case study analysis of Ford Motor Company, Exxon Mobil and Microsoft's financial statements.
# 118789 | 798 words | 3 sources | MLA | 2010 |
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This paper discusses the concept of generally accepted accounting principles (GAAP). It explains how GAAP consists of a set of standards that are to be used by every company that report financial statements and discusses the ways that GAAP can be helpful. The paper then presents a brief case study analysis of Ford Motor Company, Exxon Mobil and Microsoft's financial statements.
From the Paper:"In the legal community, new cases are litigated by using instances of previous cases to argue a point. The same holds true for accounting related issues and GAAP. GAAP has been referenced many times by the internal revenue service to show that some financial statements are not reasonable and at times even made up. GAAP helps to show when certain unsatisfactory information is hidden or deleted so that the company can appear to be in a stronger financial situation then what the reality is. GAAP can help point out things to look at so that situations like this can be brought to the surface."
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Cite this Case Study:
Financial Statements (2010, February 24) Retrieved May 24, 2022, from https://www.academon.com/case-study/financial-statements-118789/
"Financial Statements" 24 February 2010. Web. 24 May. 2022. <https://www.academon.com/case-study/financial-statements-118789/>