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प्रश्न
Define the term GAAP.
What are Generally Accepted Accounting Principles (GAAP)?
Define the term 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
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
This principle suggests that every debit has a corresponding and equal credit.
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 Business Entity Concept:
What is business entity concept of accounting?
Name the basic principles of accounting.
Explain any two basic concepts of accounting.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the complete disclosure principle.
Name any four concepts of GAAP.
