Explain what is meant by Generally Accepted Accounting Principles (GAAP).

Primary Task Response: Within the Discussion Board area, write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
Conduct research to find information about organizations that provide governance for accounting practices. Answer the following questions in your own words. Be sure to cite your references in proper APA style.
Explain what is meant by Generally Accepted Accounting Principles (GAAP).
What is the FASB, and what does this organization do?
What is the SEC, and what does this organization do?
In light of the ongoing economic crisis, do you think these organizations are doing a good job? Why or why not?
Response to Other Students: Respond to 2 of your fellow classmates with a reply of at least 100 words about their primary task response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following questions:

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