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प्रश्न
GAAP stands for ______.
पर्याय
Governor accepted accounting principles
Generally avoided accounting principles
Generally accepted accounting principles
Governor avoided accounting principles
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उत्तर
GAAP stands for Generally accepted accounting principles.
Explanation:
Accounting is the language of business. In order to make this language precise, accounting authorities have developed certain basic rules. These man-made rules of accounting are called Generally Accepted Accounting Principles.
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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.
Explain the Money Measurement Concept.
This principle suggests that every debit has a corresponding and equal credit.
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.
Name the basic principles of accounting.
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
Explain any two basic concepts of accounting.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the expense principle.
Name any four concepts of GAAP.
