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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
Explain the Money Measurement Concept.
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.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
Explain 'Matching Concept' of GAAP.
Discuss in brief the basic principles of accounting.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
Explain the money measurement principle of accounting.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the revenue principle.
