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प्रश्न
GAAP stands for ______.
पर्याय
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
According to the ______ Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
Define the term GAAP.
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
"Fixed assets should be valued at the market price." Comment.
"Every transaction affects at least three accounts." Comment.
Explain the money measurement principle of accounting.
Explain Accounting Period Concept.
"The principle of full disclosure and principle of materiality are contradictory." Comment.
