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BUS 591 ENTIRE COURSE FINANCIAL ACCOUNTING
Financial Accounting & Analysis
ASHFORD BUS 591 Week 1 DQ 1 Generally Accepted Accounting Principles (G.A.A.P.)
Generally Accepted Accounting Principles (G.A.A.P.). Briefly discuss Generally Accepted Accounting Principles or G.A.A.P. What are they? What is their purpose? Name the U.S. and international standard-setting bodies that established these principles. Are all companies required to follow these principles? Why or why not?
Your answer should illustrate understanding of generally accepted accounting principles and their international counterpart. Respond to at least two of your classmates’ posts.
ASHFORD BUS 591 Week 1 DQ 2 Annual Reports
Annual Reports. Visit the website for Tootsie Roll (www.tootsie.com). Click on “Company Information” then “Financial Information”. Open the latest annual report and review it to find the answers to the following questions:
What are Tootsie Roll’s corporate principles? Do you agree with these principles, or do you feel there are additional principles that should be included?
What was the total amount of Tootsie Roll’s assets for the most current year available?
What was the total amount of Tootsie Roll’s liabilities for the most current year available?
What is the amount of the difference between Tootsie Roll’s assets and liabilities? What is this difference called?