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प्रश्न
Define the term GAAP.
What are 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 need for GAAP for accounting.
GAAP stands for ______.
Accounting principles are necessary due to which of the following reasons?
______ is the language of business.
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
What is business entity concept of accounting?
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
Explain the revenue principle.
