Accounting for Non-Accounting Majors 1 Explain what is meant by Generally Accepted Accounting Princi

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Accounting for Non-Accounting Majors

1 Explain what is meant by Generally Accepted Accounting
Principles (GAAP)

2 What is the FASB, and what does this organization do?

3 What is the SEC, and what does this organization do?

4 In light of the ongoing economic crisis, do you think
these organizations are doing a good job? Why or why not?

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