Gaap-acconting equation, The framework used to record and

Gaap-acconting equation

Reference no: EM1355714

A. The framework used to record and summarize the economic activities of a business enterprise is referred to as the accounting equation. State the basic accounting equation and define each of its major components. How are business transactions and financial statements related to the accounting equation?

B. Explain the meaning of generally accepted accounting principles (GAAP).

Reference no: EM1355714

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