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प्रश्न
What does GAAP stand for in Accounting?
What does GAAP stand for?
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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.
Justify the following:
Every transaction is recorded in at least three accounts.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
"Fixed assets should be valued at the market price." Comment.
"Every transaction affects at least three accounts." Comment.
Explain matching principle of accounting.
Explain Accounting Period Concept.
Write short note on the going concern concept.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the realisation principle.
