The generally accepted accounting principles (GAAP), as set out by the FASB (Financial Accounting Standards Board) and its predecessor agencies, are examined in this book. It contains AICPA Accounting Standards Executive Committee (ASEC) Statements of position. All pronouncements are explained with relevant terminology and practice-oriented real world examples. Each chapter is composed of a discussion of perspectives and issues, sources of GAAP, a definition of terms, concepts, rules and examples, and, for some chapters, specific appendices.