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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
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
This concept assumes that the business will continue to exist for a long time in the future.
"Firms live forever." Explain with reference to the concept of accounting.
What is meant by going concern concept of Accounting.
Every transaction has two effects. (with reference to the concept of Accounting). Give a reason either for or against.
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
Explain the money measurement principle of accounting.
Explain matching principle of accounting.
Name any four concepts of GAAP.
"The principle of full disclosure and principle of materiality are contradictory." Comment.
