Part 1

The question needs to be answered with an initial post of at least 250 words.

List and briefly describe the five major generally accepted accounting principles (GAAP) that accountants must consider when presenting financial accounting information.

Instructions: Should be no less than 250 words.

Part 2

Write a 500 – 750-word paper that addresses the following topic:

Explain the impact of accounting transactions in financial statements.

Describe the elements and purpose of each financial statement.

Discuss the components and use of financial analysis.

Your paper must be formatted according to APA 6th edition guidelines, and you need to use at least one external reference.