Explain what accountants are generally referring to when they talk about "financial reporting." Explain the generally accepted accounting principles (GAAP). Explain the sources of GAAP. Please submit your assignment.

There is a high school accounting intern working in your office for the summer. In the lunchroom, she overhears people talking about financial reporting and GAAP. She doesn't really know what they are, so she asks you to explain them to her.

Explain what accountants are generally referring to when they talk about "financial reporting."
Explain the generally accepted accounting principles (GAAP).
Explain the sources of GAAP.
Please submit your assignment.

The following grading criteria will apply to this assignment:

Grading Criteria

30% Explain what is included in financial reporting.

40% Explain the generally accepted accounting principles (GAAP).

30% Explain the sources of GAAP.

For assistance with your assignment, please use your text, Web resources, and all course materials.

Unit Materials