Answer Posted / saikiran
GAAP is exceedingly useful because it attempts to standardize and regulate accounting definitions, assumptions, and methods. Because of generally accepted accounting principles we are able to assume that there is consistency from year to year in the methods used to prepare a company's financial statements. And although variations may exist, we can make reasonably confident conclusions when comparing one company to another, or comparing one company's financial statistics to the statistics for its industry.
Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
how many schedules are there in accounting?
what is the step in preparing the schedule of audit? can someone explain for me?
What is intangiable asset?Which contents are to be verified during cheking the Transporters' bills?
Please explain a Representative Personal Account.
Transfer nett profit of Rs 325000/- to Reserves and Surplus
What goals do you have in your career
what salary you expect???
what is status report? and flow report?
what is Accounting Standers?
How will we calculate T1, T2 capital in CRR(Cash Reserve Ratio)?
WHAT IS LIMITED REVIEW? WHY IT IS REQUIRE?
Hi, If I am placing the order in amazon on behalf of the customer who place the order in other e-commerce application in which If I mention the billing address of the customer and goods will be delivered to the customer from amazon ,and other E-commerce site will deduct their commission on the certain % and make the payment to me on some what profit at that time how should maintain my books of account..??
Examples of automatic generated content material of car logbook loans?
What is pre-paid amount? What is post-paid amount? Explain received in advance? Explain paid in advance?
whether unsecured loans written off can be transferred directly to capital reserve without crediting it to profit and loss account