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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
According to the ______ Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
This principle suggests that every debit has a corresponding and equal credit.
“Firms live forever.” Explain with reference to the concept of accounting.
“Accounts should disclose all material information” (with reference to the concept of accounting). Justify either for or against by giving two reasons.
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.
Discuss in brief the basic principles of accounting.
Explain Accounting Period Concept.
Write short note on the going concern concept.
Explain the realisation principle.
“The principle of full disclosure and principle of materiality are contradictory.” Comment.
