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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
Justify the following:
Every transaction is recorded in at least three accounts.
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.
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.
What is business entity concept of accounting?
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
Discuss in brief the basic principles of accounting.
Explain the realisation principle.
"The principle of full disclosure and principle of materiality are contradictory." Comment.
