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Generally Accepted Accounting Principles

Generally Accepted Accounting Principles (GAAP) are the basic rules that define accounting parameters and constraints. GAAP includes accounting principles, concepts, and conventions. Key concepts include business entity, money measurement, going concern, accounting period, cost, dual aspect, revenue recognition, matching, accrual, and verifiable objective. Key conventions are full disclosure, consistency, prudence/conservatism, and materiality.

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Ankit Kumar
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123 views3 pages

Generally Accepted Accounting Principles

Generally Accepted Accounting Principles (GAAP) are the basic rules that define accounting parameters and constraints. GAAP includes accounting principles, concepts, and conventions. Key concepts include business entity, money measurement, going concern, accounting period, cost, dual aspect, revenue recognition, matching, accrual, and verifiable objective. Key conventions are full disclosure, consistency, prudence/conservatism, and materiality.

Uploaded by

Ankit Kumar
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Generally Accepted Accounting Principles

GAAPs are the basic rules that define the parameters and constraints within which accounting operates and are the theory base of accounting. IncludesAccounting principles Concepts Conventions

Accounting Concepts
The Business Entity concept The Money Measurement concept The going Concern concept The Accounting Period Concept The Cost Concept The Dual Aspect Concept The Revenue Recognition Concept The Matching Concept The Accrual Concept The Verifiable Objective Concept

Accounting conventions
Convention of Full Disclosure Convention of Consistency Convention of Prudence or Conservatism Materiality Concept

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