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प्रश्न
What does GAAP stand for in Accounting?
What does GAAP stand for?
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उत्तर
"General Accepted Accounting Principles" is what GAAP stands for to promote consistency in the accounting process, these guidelines provide standards and regulate accounting terms, presumptions, and procedures.
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संबंधित प्रश्न
Explain the need for GAAP for accounting.
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:
Name the basic principles of accounting.
“Every transaction has two effects.” (with reference to the concept of Accounting). Give a reason either for or against.
Discuss in brief the basic principles of accounting.
"Every transaction affects at least three accounts." Comment.
Explain the money measurement principle of accounting.
Why are Generally Accepted Accounting Principles (GAAP) needed?
“The principle of full disclosure and principle of materiality are contradictory.” Comment.
