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प्रश्न
GAAP stands for ______.
विकल्प
Governor accepted accounting principles
Generally avoided accounting principles
Generally accepted accounting principles
Governor avoided accounting principles
उत्तर
GAAP stands for Generally accepted accounting principles.
Explanation:
Accounting is the language of business. In order to make this language precise, accounting authorities have developed certain basic rules. These man-made rules of accounting are called Generally Accepted Accounting Principles.
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संबंधित प्रश्न
Justify the following:
Every transaction is recorded in at least three accounts.
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.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
"Fixed assets should be valued at the market price." Comment.
Explain The Dual Aspect Principle.
Why are Generally Accepted Accounting Principles (GAAP) needed?
Explain the expense principle.
"The principle of full disclosure and principle of materiality are contradictory." Comment.
