TOURO UNIVERISTY INTERNATIONAL

ACC 403Module One Case Assignment

When I think of accounting, I automatically think of complex mathematical formulas and hard to comprehend definitions and terminologies. This module has helped me to better understand basic accounting principles, definitions and the use of accounting terminologies.

In the United States financial statements are prepared under a set of principals or guidelines called Generally Accepted Accounting Principals (GAPP). The Financial Accounting Standards Board (FASB) is the current body that ensures specific rules and regulations are strictly adhered to. Countries outside of the United States are also held to a standard that falls under the International Accounting Standards (IAS) and is regulated by the...