Advertisements
Advertisements
Question
What does GAAP stand for in Accounting?
Solution
"General Accepted Accounting Principles" is what GAAP stands for to promote consistency in the accounting process, these guidelines provide standards and regulate accounting terms, presumptions, and procedures.
APPEARS IN
RELATED QUESTIONS
According to the ______ Principle of accounting, transactions are recorded on the assumption that the business will exist for an indefinite period of time.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
According to Business Entity Concept:
What is business entity 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.
"Every transaction affects at least three accounts." Comment.
"Accounting records serve as a source of information to the creditors of an organisation". Comment.
Explain the complete disclosure principle.
Explain the expense principle.
