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What are GAAP?
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Answer / tarun aggarwal
GAAP MEANS GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.IT
INCLUDES ALL THE POLICIES,CONVENTIONS,CUSTOMS,PRINCIPLES
FOLLOWED WHILE PREPARING ACCOUNTING BOOKS.THESE ARE
1 BUSINESS ENTITY CONCEPT
2 GOING CONCERN CONCEPT
3 MONEY MEASUREMENT CONCEPT
4 HISTORIC COST CONCEPT
5 DUAL ASPECT
6 MATCHING CONCEPT
7 SUBSTANCE OVER FORM
8 CONSISTENCY
9 CONSERVATISM
AND MANY MANY MORE
| Is This Answer Correct ? | 17 Yes | 0 No |
Answer / nevitha
Generally Accepted Accounting Principles the accumulation
and presentation of the data appearing in the financial
statements.They are used to measure ,record,and report the
financial affairs and activities in business.
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / swathi
gaap stans for generally accepted accounting
principles.which includes the concepts of accounting.there
are,business entity concept,money measurement concept,going
concern concept,debit equity concept etc.
| Is This Answer Correct ? | 10 Yes | 7 No |
Answer / mahesh jinna
GAAP : generally accepted accounting principles
A collection of rules and procedures and conventions that
define accepted accounting practice; includes broad
guidelines as well as detailed procedures.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / naveen agarwal
GENERAL ACCEPTED ACCOUNTING PRICIPLES IT INCLUDES RULE AND
REGULATION OF ACCOUNTATING
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / abcd
GAAP MEANS GENERALLY ACCEPTED ACCOUNTING PRINCIPLES WHICH
ARE THE BASIS OF MAINTAINANCE OF BOOKS OF ACCOUNTS AND NO
INSTITUTION CAN PREPARE ITS ACCOUNTS AGAINST THESE
PRINCIPLES
| Is This Answer Correct ? | 0 Yes | 0 No |
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What is accounting?
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