Scribd Logo
Upload

Welcome to Scribd!

  • General Accepted Accounting Principles

    Uploaded by

    006 Cyrus
    27 views5 pages
    Generally Accepted Accounting Principles (GAAP) provide the framework for detailed accounting rules and standards. GAAP includes basic principles such as treating companies and owners as separate entities (business entity concept), matching expenses to the revenues they correspond to (matching principle), and requiring equal debits and credits for every transaction (dual aspect concept). These principles provide the foundation for organizations like FASB to establish industry-specific accounting guidelines.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Generally Accepted Accounting Principles (GAAP) provide the framework for detailed accounting rules and standards. GAAP includes basic principles such as treating companies and owners as separate entities (business entity concept), matching expenses to the revenues they correspond to (matching principle), and requiring equal debits and credits for every transaction (dual aspect concept). These principles provide the foundation for organizations like FASB to establish industry-specific accounting guidelines.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    27 views5 pages

    General Accepted Accounting Principles

    Uploaded by

    006 Cyrus
    Generally Accepted Accounting Principles (GAAP) provide the framework for detailed accounting rules and standards. GAAP includes basic principles such as treating companies and owners as separate entities (business entity concept), matching expenses to the revenues they correspond to (matching principle), and requiring equal debits and credits for every transaction (dual aspect concept). These principles provide the foundation for organizations like FASB to establish industry-specific accounting guidelines.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 5

    General Accepted

    Accounting Principles
    By Cyrus And Anant
    What is GAAP?

     Generally Accepted Accounting Principles (GAAP) are basic accounting


    principles and guidelines which provide the framework for more detailed and
    comprehensive accounting rules, standards and other industry-specific
    accounting practices. For example, the Financial Accounting Standards Board
    (FASB) uses these principles as a base to frame their own accounting
    standards.
    Q1.-Which accounting principle states that companies
    and owners should be treated as separate entities.

     (a) Monetary Unit Assumption


     (b) Business Entity Concept
     (c) Periodicity Assumption
     (d) Going Concern Concept
    Q2 -Cost or expenses must be recorded at the same
    time as the revenue to which they correspond is
    specified by which principle?
     (a) Matching Principle
     (b) Going Concern Principle
     (c) Consistency Principle
     (d) Prudence Principle
    Q3- Which concept states that “for
    every debit, there is a credit”?
     (a) Money Measurement Concept
     (b) Accounting Period Concept
     (c) Separate Entity Concept
     (d) Dual Aspect Concept

    You might also like