ACCT 105 Week 3

The Week 3 Discussion consists of one question.  

List and briefly describe the five major generally accepted accounting principles (GAAP) that accountants must consider when presenting financial accounting information.

The five major generally accepted accounting principles (GAAP) are the revenue recognition principle, the matching principle, the full disclosure principle, the gain and loss principle, and the exchange-price or cost principle (“Basic Accounting Principles,” n.d.).

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