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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
GAAP stands for ______.
Accounting principles are necessary due to which of the following reasons?
This concept assumes that the business will continue to exist for a long time in the future.
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.
What is meant by going concern concept of Accounting.
“Every transaction has two effects.” (with reference to the concept of Accounting). Give a reason either for or against.
“The capital provided by the owner is a liability of the firm.” Answer with reference to the concept of Accounting.
Explain Matching Concept of GAAP.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
Explain the money measurement principle of accounting.
