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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
Explain the Business Entity Concept.
Explain the need for GAAP for accounting.
The retirement of manager of the company cannot be recorded in the book of accounts, because it is not possible to estimate the financial effect of retirement. Which accounting principle would be applicable for the above statement?
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.
According to Business Entity Concept:
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
Explain 'Matching Concept' of GAAP.
"Every transaction affects at least three accounts." Comment.
Explain matching principle of accounting.
Write short note on the going concern concept.
