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When preparing their balance sheet, Garner Resources places the assets at the top of the first page and places liabilities and stockholders’ equity at the bottom of the first page. When Quinn Industries prepares their balance sheet, they place the assets at the top of the first page and the liabilities and stockholders’ equity at the top of the second page. What is similar between Garner and Quinn?

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sandlee09

Answer:

both Garner and Quinn are following the Generally Accepted Accounting Principles (GAAP)

Explanation:

According to my research on different accounting rules and regulations, I can say that based on the information provided within the question both Garner and Quinn are following the Generally Accepted Accounting Principles (GAAP). This is a collection of commonly-followed rules and standards when dealing with financial reports. Which organization is a big part of these standards which both Garner and Quinn are adhering to.

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