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- Meaning of Generally Accepted Accounting Principles (GAAP)
- Definition of Generally Accepted Accounting Principles (GAAP)
- Explanation of Generally Accepted Accounting Principles (GAAP)
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Generally Accepted Accounting Principles (GAAP)
Generally Accepted Accounting Principles (GAAP): There are some rules, conventions & concepts in accounting which are being followed world wide in order to prepare financial statements and report to supply its users. Those followed rules, conventions & concepts are called Generally Accepted Accounting Principles or in brief.. GAAP.
These fundamental accounting principles are considered true and legal when the matter of keeping account book come. Generally, these accounting principles are being followed world wide in every financial organization whether it is a govt or private company.
By following these principles, an organization make its statement of assets, liabilities and equities.
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