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प्रश्न
Define the term GAAP.
What are Generally Accepted Accounting Principles (GAAP)?
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उत्तर
Accounting principles refer to the concepts, conventions and standards which are widely accepted and adopted by accountants while recording and reporting financial information. According to Robert Anthony, "the rules and conventions of accounting are commonly referred to as principles."
Notes
Students should refer to the answer according to their questions.
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संबंधित प्रश्न
What does GAAP stand for in Accounting?
The retirement of manager of the company cannot be recorded in the book of accounts, because it is not possible to estimate the financial effect of retirement. Which accounting principle would be applicable for the above statement?
Explain the concept of The Dual Aspect Principle.
According to this principle, accounts should be prepared in such a way that all the material information required by users of financial statements is clearly disclosed.
According to this principle, revenue is deemed to be realised when the goods have been transferred or the services have been rendered to a customer.
"Firms live forever." Explain with reference to the concept of accounting.
Name the basic principles of accounting.
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Explain The Dual Aspect Principle.
Explain Accounting Period Concept.
