By DeVry University
December 2, 2021
5 min read
December 2, 2021
5 min read
Generally Accepted Accounting Principles, more widely known as GAAP, are guidelines and rules that all companies and accountants in the United States adhere to. These rules are set by the Financial Accounting Standards Board (FASB) in order to establish financial reporting standards and ensure that financial information is reported fairly and accurately. If you’re asking, “What is GAAP?” read on to learn more and explore the origins, uses, regulation and limitations in the following sections:
1Program, course, and extended classroom availability vary by location. In site-based programs, students will be required to take a substantial amount of coursework online to complete their program.
2Credits and degrees earned from this institution do not automatically qualify the holder to participate in professional licensing exams to practice certain professions. Persons interested in practicing a regulated profession must contact the appropriate state regulatory agency for their field of interest. For instance, typically 150 credit hours or education are required to meet state regulatory agency education requirements for CPA licensure. Coursework may qualify for credit towards the State Board of Accountancy requirements. However, it is the student’s responsibility to contact the state board of accountancy for the jurisdiction in which they are applying to determine whether they have completed the appropriate credit hours and coursework to qualify to take the CPA exam. Employees of DeVry University and its Keller Graduate School of Management are not in a position to determine an individual’s eligibility to take the CPA exam or satisfy licensing.
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