(Answered) 1 what is the role of the financial accounting standards

Management Studies

1. What is the role of the Financial Accounting Standards Board (FASB)?

2. Explain the purpose of Generally Accepted Accounting Principles (GAAP).

3. What is the accounting equation?

4. What is an asset? Provide an example.

5. What is a liability? Provide an example.

6. Name the four general purpose financial statements?

7. Explain how you might use financial statement to evaluate business performance.

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Business Management, Management Studies

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