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Generally Accepted Accounting Principles (GAAP) Financial accounting statements prepared for external users must be prepared in accordance with generally accepted accounting principles (GAAP). External users must have some assurance that the reports have been prepared in accordance with some common set of ground rules. These common ground rules enhance comparability and help reduce fraud and misrepresentations, but they do not necessarily lead to the type of reports that would be most useful in internal decision making. For example, GAAP requires that land be stated at its historical cost on financial reports. However if, management is considering moving a store to a new location and then selling the land the store currently sits on, management would like to know the current market value of the land, a vital piece of information that is ignored under generally accepted accounting principles (GAAP). Financial accounting is mandatory; that is, it must be done. Various outside parties such as the U.S. Securities and Exchange Commission (SEC) and the tax authorities require periodic financial statements. Managerial accounting, on the other hand, is not mandatory. A company is completely free to do as much or as little as it wishes. No regulatory bodies or other outside agencies specify what is to be done, for that matter, whether anything is to be done at all. Since managerial accounting is completely optional, the important question is always, "Is the information useful?" rather than, "Is the information required?" 1. What is the main idea of the 1 st paragraph? __________________________________________________________________ __________________________________________________________________ 2. What is the main idea of the 2 nd paragraph? __________________________________________________________________ __________________________________________________________________ 3. What is the theme of the text? __________________________________________________________________ __________________________________________________________________ 4. Mention 10 accounting words from the text and find the meaning in Indonesia (translation). __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ Name : _________________________ NIM : _________________________

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  • Generally Accepted Accounting Principles (GAAP)

    Financial accounting statements prepared for external users must be prepared in accordance

    with generally accepted accounting principles (GAAP). External users must have some assurance that

    the reports have been prepared in accordance with some common set of ground rules. These common

    ground rules enhance comparability and help reduce fraud and misrepresentations, but they do not

    necessarily lead to the type of reports that would be most useful in internal decision making. For

    example, GAAP requires that land be stated at its historical cost on financial reports. However if,

    management is considering moving a store to a new location and then selling the land the store

    currently sits on, management would like to know the current market value of the land, a vital piece of

    information that is ignored under generally accepted accounting principles (GAAP).

    Financial accounting is mandatory; that is, it must be done. Various outside parties such as

    the U.S. Securities and Exchange Commission (SEC) and the tax authorities require periodic financial

    statements. Managerial accounting, on the other hand, is not mandatory. A company is completely

    free to do as much or as little as it wishes. No regulatory bodies or other outside agencies specify what

    is to be done, for that matter, whether anything is to be done at all. Since managerial accounting is

    completely optional, the important question is always, "Is the information useful?" rather than, "Is the

    information required?"

    1. What is the main idea of the 1st paragraph?

    __________________________________________________________________

    __________________________________________________________________

    2. What is the main idea of the 2nd paragraph?

    __________________________________________________________________

    __________________________________________________________________

    3. What is the theme of the text?

    __________________________________________________________________

    __________________________________________________________________

    4. Mention 10 accounting words from the text and find the meaning in Indonesia (translation).

    __________________________________________________________________

    __________________________________________________________________

    __________________________________________________________________

    __________________________________________________________________

    __________________________________________________________________

    __________________________________________________________________

    __________________________________________________________________

    __________________________________________________________________

    __________________________________________________________________

    __________________________________________________________________

    __________________________________________________________________

    __________________________________________________________________

    __________________________________________________________________

    __________________________________________________________________

    Name : _________________________

    NIM : _________________________


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