Showing posts with label GAAP. Show all posts
Showing posts with label GAAP. Show all posts

Generally Accepted Accounting Principles (GAAP)

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GAAP are the foundation, and ground rules of accounting practice. GAAP are followed by accountants all over the world.

Definition of GAAP: The accounting profession has developed a common set of standards that are generally accepted and universally practiced. This common set of standards is called generally accepted accounting principles (GAAP).
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The principles of Accounting Information System

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Accounting is known as the language of business because it record and reveal business information. The accounting profession has developed standards and rules that universally accepted. This common set of standards is called generally accepted accounting principles (GAAP). In developing generally accepted accounting principles certain basic assumptions are made. These assumption provide a foundation for the accounting process. The main assumptions are-
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