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The Hierarchy of the GAAP lists the priorities of the laws and regulations that are to be abided within financial reporting. All of which are constituted within all federal reporting. All GAAP information can be found on any major accounting website such as FASAB.gov, AICPA, or most other websites accounting/finance related.

When it comes to the rules that are most important I thinking they are all equally important. Because there are so many different principles I will list the main four; cost, revenue, matching and disclosure. The cost principle refers to the notion that all values listed and reported are the costs to obtain or acquire the asset, and not the fair market value. The revenue principle states that all revenue must be reported when is it earned, but not necessarily when the cash is received. The matching principle says that expenses that are in the financial statement must be matched with the revenue that is reported. The value of the expenses is included in the financial statement when the product is sold, but not necessarily when the invoice or the production is issued. Lastly, the disclosure principle says that information that makes a judgment on the company's financial needs to be included.

Cheating is unethical no matter any situation. In this case, you didn’t cheat on the test. Even though you got a B, that doesn’t mean you should cheat off your neighbor just because they received a better grade. All in all they cheated; they didn’t deserve that grade in the first place. Ethically speaking you should tell someone otherwise it makes you just as liable for the repercussions because you were aware there was cheating involved.

The steps that need to be considered are the following:

Recognize problem: Your neighbor cheated got an A

Identify alternative: You didn’t cheat got a B

Evaluate Alternative: Should you cheat next time too , in hopes for the A.

Select solution: Study better, and more often for a better grade

Implement solution: study...