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प्रश्न
What does GAAP stand for in Accounting?
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उत्तर
"General Accepted Accounting Principles" is what GAAP stands for to promote consistency in the accounting process, these guidelines provide standards and regulate accounting terms, presumptions, and procedures.
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संबंधित प्रश्न
According to the ______ Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
Explain the need for GAAP for accounting.
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
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.
With reference to the concept of accounting only those transactions are recorded in accounts which can be expressed in terms of money. Justify either for or against.
Discuss in brief the basic principles of accounting.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
Explain matching principle of accounting.
Explain the complete disclosure principle.
Explain the realisation principle.
