02 Jan Within each discussion thread,

WEEK 1: THE FOUNDATION OF GAAP
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Within each discussion thread, one post will be made using Voice Thread, 2-4 minutes in length, explaining either an article on the discussion topic, or assignment work you have done in relation to the discussion topic. Students will review and respond to at least one other student’s Voice Threads, keeping interaction positive, professional and constructive.

Now that we’ve begun our accounting senior project course, looking back over all of your accounting coursework in previous classes, you’ve received a good background on generally accepted accounting principles (GAAP) along with an understanding of how these accounting standards are applied in the United States. At this point, you know that the rules of GAAP are based upon a foundation of many assumptions, principles, and constraints. To begin our postings for the week in this discussion, select any one of these accounting assumptions, principles, or constraints (e.g., cost principle, economic entity assumption, going concern assumption, materiality constraint, full disclosure principle, periodicity assumption, etc.), do a bit of research and explain the concept to us, and also tell us why you believe it’s so important to GAAP. Later in the week, after we’ve exhausted a discussion of these accounting assumptions, principles, and constraints, we’ll move on to address a related aspect of GAAP: the roles of various organizations, including the SEC, FASB, and PCAOB.