Definitions [1]
Define the term GAAP.
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."
Important Questions [9]
- According to the ______ Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
- What does GAAP stand for in Accounting?
- Explain the Business Entity Concept.
- Explain the Money Measurement Concept.
- Write short note on the going concern concept.
- Justify the following: Every transaction is recorded in at least three accounts.
- Explain the need for GAAP for accounting.
- Define the term GAAP.
- Ledger is also called the ______.
Concepts [5]
- Generally Accepted Accounting Principles (GAAP)
- Meaning and Purposes of Accounting
- Book-Keeping vs. Accountancy
- Accounting Cycle
- Accounting Conventions Or Modifying Principles
