true or false: gaap requires that a business must use an inventory accounting method that is the same as the physical flow of goods in and out of the business.

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28-10-2022
Business

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true or false: gaap requires that a business must use an inventory accounting method that is the same as the physical flow of goods in and out of the business.

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BhavikaKukreja BhavikaKukreja · Answer 1 · 2022-11-01T06:14:35+01:00

True, generally accepted accounting principles [ GAAP] say that businesses should use the same inventory accounting method as the physical flow of goods in and out of the business.

What is GAAP?

Generally Accepted Accounting Principles (GAAP) are standards that cover the details, complexities, and regularities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the basis for a comprehensive set of approved accounting policies and practices.
GAAP is intended to improve the clarity, consistency, and comparability of the communication of financial information.
GAAP can be contrasted with pro forma accounting, which is a non-GAAP financial reporting method.
The ultimate goal of GAAP is to ensure that companies' financial statements are complete, consistent, and comparable.

GAAP is primarily used in the United States, while most other jurisdictions use IFRS standards.

Thus, it is true that GAAP allows business to use accounting methods to carry forward activities.

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