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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
Explain the need for GAAP for accounting.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
This concept assumes that the business will continue to exist for a long time in the future.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
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.
Name the basic principles of accounting.
"Fixed assets should be valued at the market price." Comment.
Explain any two basic concepts of accounting.
Explain the complete disclosure principle.
