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Full disclosure principle: Amount and kinds of information disclosed should be decided based on trade-off analysis as a larger amount of information costs more to prepare and use. Information disclosed should be enough to make a judgment while keeping costs reasonable.
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
Born in Milwaukee, Horngren joined the U.S. Army after high school graduation in 1946.Back in Milwaukee, he obtained his BA in accounting at the Marquette University in 1949.
AICPA and its predecessors date back to 1887, when the American Association of Public Accountants (AAPA) was formed. [4] [5] The Association went through several name changes over the years: the Institute of Public Accountants (1916), the American Institute of Accountants (1917), and the American Society of Public Accountants (1921), which merged into the American Institute of Accountants in ...