What is GAAP, Generally Accepted Accounting Principles?

Q: Generally accepted accounting principles

A: These include accounting principles, Statutes , guidelines issued by various authorities  Generally…

Q: For which classification of users are financial statements prepared?  What characteristic of these…

A: Solution Generally Accepted accounting Principle (GAAP) to a common set of accounting principles ,…

Q: Explain in your own words what generally accepted accounting principles (GAAP) are.

A: GAAP are the rules , standard , guidelines and procedures according to which accounts are prepared.…

Q: What are the benefits of generally accepted accounting principles (GAAPs)?

A: GAAP stands for Generally Accepted Accounting Principles.

Q: What are the basic foundation of Accounting?

A: Accounting: Accounting is the practice of documenting financial transactions that occur in the…

Q: The reporting of accounting theory is related to what?

A: Accounting theory is all related to the preparation of financial statements of the business.…

Q: Describe significant accounting policies.

A: Definition: Accounting policies: Accounting policies are the specific principles and rules which…

Q: Financial accounting serves what purpose

A: Introduction : Financial accounting The process of preparing financial statements, which comprise…

Q: What is ABC system in accounting? Explain with example?

A:

Q: What are the principles of accounting according to GAAP?

A: GAAP: Generally Accepted Accounting Principle (GAAP) is a common set of accounting principles,…

Q: What is the relationship between accounting theory reporting and?

A: This question illustrates the connection between accounting theory and reporting.

Q: Explain generally accepted accounting principles (GAAPs).

A: GAAP stands for Generally accepted principles.

Q: Which of the following branches of accounting is the original form of accounting?

A: The branches of accounting are: 1. Financial Accounting 2. Cost Accounting 3. Management Accounting…

Q: What are the basic bodies of accounting and what do they do?

A: Basic Bodies of Accounting Accounting bodies are the national or international bodies which has the…

Q: How are changes in accounting policies accounted for and disclosed?

A: Accounting policy: These are basically the rules, conventions and principles that are applied by the…

Q: Explain the meaning of generally accepted accounting principles (GAAP) and the role of the…

A: GAAP:

Q: Why is it necessary to develop a definitional frameworkfor the basic elements of accounting?

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: What do you mean by materiality concept in accounting?

A: Materiality concept:Materiality concept refers to a condition wherein, the financial information of…

Q: How are changes in accounting principle applied?

A: Accounting Principles:   It refers to a set of guidelines that all organisations must follow while…

Q: What are the primary advantages of having a Codification of generally accepted accounting…

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: What are the different branches of accounting?

A: Accounting:Accounting is the process of recording, summarizing and examining the  business events…

Q: What is meant by “economic Consequences” in accounting standard-setting

A: Definition: Financial accounting standards board (FASB): This is the organization that creates,…

Q: Of what value is a common set of standards in financial accounting and reporting?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: accounting definition?

A: Accounting means a process of recording , classifying , summarizing , interpreting and communication…

Q: What are the different objectives of accounting?

A: Accounting: An organization's financial transactions are recorded through accounting. Reporting…

Q: Accounting concept and convention

A: Accounting concept is defined as the accounting assumptions which the accountant of a firm…

Q: What are the different assumptions of Accounting principles?

A: Accounting assumptions provide a fundamental base and structure to record business transactions.The…

Q: Principles

A: Answer: Accounting is the subject that is more concerned with the treatment of the numbers so that…

Q: What exactly do you mean by the idea of materiality in accounting?

A: This question explains about the idea of materiality in accounting

Q: DEFINE AND EXPLAIN  ACCOUNTING THEORY

A: Accounting refers to the process of keeping records of financial events and transactions happening…

Q: these are the current set of GAAP or Generally Accepted Accounting Principles. what is it?

A: Generally accepted accounting principles(GAAP) refers to a set of accounting principles issued by…

Q: How is the use of accounting information diverse and varied?

A: Definition: Accounting Information: Accounting Information refers to the data which makes a decision…

Q: Discuss Practical Implementations of any one generally accepted accounting Principle (GAAP),…

A: Generally Accepted Accounting Principles are used in preparing account of an entity. The purpose of…

Q: What is the meaning of accounting?

A: Bookkeeping refers to the way of recording day-to-day business transactions and information.…

Q: accounting consept

A: Introduction Accounting Concept: Accounting concept refers to the fundamental assumptions,…

Q: In general, what is the conceptual framework that underlies accounting principles?

A: Accounting principles are the specific rules and guidelines that are to be followed in preparation…

Q: Discuss the  meaning and needs of accounting standards.

A: Accounting standards:Accounting standards are common set of principles, procedures and standards for…

Q: Which came first? Accounting regulations or the need for accounting regulations? Explain.

A: Accounting regulations are important part of accounting and regulation of accounting make accounting…

Q: Define generally accepted accounting principles (GAAP)

A: GAAP Stand for Generally Accepted Accounting Principles.

Q: Explain what the accrual basis of accounting is and who requires it.

A: Accrual basis of accounting: Under this method of accounting, the revenues, and their related…