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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
Explain the Money Measurement Concept.
Accounting principles are necessary due to which of the following reasons?
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
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.
What is business entity concept of accounting?
“Every transaction has two effects.” (with reference to the concept of Accounting). Give a reason either for or against.
“The capital provided by the owner is a liability of the firm.” Answer with reference to the concept of Accounting.
"Every transaction affects at least three accounts." Comment.
Explain the expense principle.
