Discuss why GAAP principles are important in financial accounting. Give examples of various transactions found in most hotels and which GAAP principles would apply
The Importance And Application Of Gaap In The Hotel Industry
Length: 2 pages (550 Words)
The Importance and Application of GAAP in the Hotel Industry
Generally, Accepted Accounting Principles (GAAP) are rules and regulations adhered to in accounting. They are set by the Financial Accounting and Standards Advisory Board (FASAB) and the Governmental Accounting Standards Board (GASB). All American businesses and firms are required to adhere to these principles, but they are also applied in many other countries around the world. They are essential for ensuring consistency and organization across all accounting departments in all the industries. They also stipulate regulations that help uphold integrity and professionalism in the accounting industry.
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