Briefly discuss Generally Accepted Accounting Principles orG.A.A.P. What are the

Briefly discuss Generally Accepted Accounting Principles orG.A.A.P. What are they? What is their purpose? Name the U.S.and international standard-setting bodies that established theseprinciples. Are all companies required to follow theseprinciples? Why or why not?Your answer should illustrate understanding of generally acceptedaccounting principles and their internationalcounterpart..