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GAAP that is Generally Accepted Accounting Principles encompass the conventions, rules and processes necessary to explain accepted accounting practice at an exact time........generally accepted accounting principles comprise not only broad guidelines of general application, but also explained procedures and practices.
The word 'principles' is utilized to mean a "general law or rule adopted or professed like a guide to action, a settled ground or origin of conduct or practice". You will notice this definition illustrates a principle as a general law or rule which is to be utilized as a guide to action. It implies that accounting principles do not prescribe exactly how each detailed event occurring in business should be recorded. Thus, there are some matters in accounting practice that may be different from one company to the other.
Accounting principles are manmade. They are accepted as they are believed to be helpful. The general acceptance of an accounting principle or for such matter or like any principle generally depends upon how well it meets the three criteria of relevance, feasibility and objectivity. A principle is related to the extent that it results in meaningful or helpful information to those who require knowing about a specific business. A principle is objective to the extent such the information is not influenced through the personal bias or judgment of those who furnished it. Objectivity connotes dependability or trustworthiness that also means by the correctness of the information reported can be verified. The principle is reasonable to the extent such can be implemented without excessive complexity or cost.
Q. Example of sales cycle of company? For several retailers a large percentage of their annual sales occur during the period from Thanksgiving to Christmas. They efforts to sto
These questions are based on the following information and should be viewed as independent situations. Popper Co. acquired 80% of the common stock of Cocker Co. on January 1, 200
HOME Finance Company Limited made an after-tax profit of $3.172 million for the year ended June 30, 2008. Chairman James Datta said this was a milestone for the company, with a
basic problems about ledger
The assets and liabilities of Amos Moving Services at May 31, 2011, the end of the current year, and its revenue and expenses for the year are listed below. On April 1, 2010, the
Q. What is Purchase Discounts account? The buyer records the purchase discount merely when the invoice is paid within the discount period and the discount is taken. The Purchas
what are the internal sources of accounting?
Honolulu Cookie Company provides the following information in order for you to prepare the company's bank reconciliation: Balance per company
Consignor is the person who is the holder of the goods and who distribute the goods to the consignee. Consignee is the person who takes the goods and he just possesses the goods
Capital In addition to borrowing from banks and additional sources, all companies obtain finance from their owners. This money is usually accessible for the life of the busines
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