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Accounting Principles and Financial Statements Chapters 1-5 Overview Exam questions and answers Graded A+ Generally Accepted Accounting Principles (GAAP) -The rules that govern accounting. Financial Accounting Standards Board (FASB) -Responsible for

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Accounting Principles and Financial Statements Chapters 1-5 Overview Exam questions and answers Graded A+ Generally Accepted Accounting Principles (GAAP) -The rules that govern accounting. Financial Accounting Standards Board (FASB) -Responsible for the creation and governance of GAAP. Cost Principle -Requires that transactions record acquisition of assets and services at their actual cost.

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