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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
Explain the Money Measurement Concept.
Justify the following:
Every transaction is recorded in at least three accounts.
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?
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
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.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
"Fixed assets should be valued at the market price." Comment.
Explain The Dual Aspect Principle.
Name any four concepts of GAAP.
