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प्रश्न
Name any four concepts of GAAP.
उत्तर
Four concepts of GAAP are as follows:
- The Business Entity Concept
- The Going Concern Concept
- The Money Measurement Concept
- The Accounting Period Concept
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संबंधित प्रश्न
Explain the Business Entity Concept.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
What is business entity concept of accounting?
Accounts should disclose all material information (with reference to the concept of accounting). Justify either for or against by giving two reasons.
Explain 'Matching Concept' of GAAP.
Discuss in brief the basic principles of accounting.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
Write short note on Going Concern Concept.
Why are Generally Accepted Accounting Principles (GAAP) needed?
