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प्रश्न
Define the term GAAP.
What are Generally Accepted Accounting Principles (GAAP)?
उत्तर
Accounting principles refer to the concepts, conventions and standards which are widely accepted and adopted by accountants while recording and reporting financial information. According to Robert Anthony, "the rules and conventions of accounting are commonly referred to as principles."
Notes
Students should refer to the answer according to their questions.
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संबंधित प्रश्न
What does GAAP stand for in Accounting?
Explain the Business Entity Concept.
Accounting principles are necessary due to which of the following reasons?
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
What is meant by going concern concept of Accounting.
Discuss in brief the basic principles of accounting.
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
Explain any two basic concepts of accounting.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the revenue principle.
