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प्रश्न
What does GAAP stand for in Accounting?
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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
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
What is business entity concept of accounting?
With reference to the concept of accounting only those transactions are recorded in accounts which can be expressed in terms of money. Justify either for or against.
Explain 'Matching Concept' of GAAP.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the complete disclosure principle.
Explain the revenue principle.
Name any four concepts of GAAP.
"The principle of full disclosure and principle of materiality are contradictory." Comment.
