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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
What does GAAP stand for in Accounting?
Explain the need for GAAP for accounting.
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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.
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Explain matching principle of accounting.
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