Generally Accepted accounting Principles<br />Asha Sharma<br />Faculty: Mgt.<br />
GAAP<br />Business Entity Concept: <br /><ul><li>A business entity is said to be separate distinct from its owners.
Record those transactions which relate only to the business.
All transactions are recorded from the point of the business itself as an entity.</li></li></ul><li>Cont………..<br />Money M...
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Gaap

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Gaap

  1. 1. Generally Accepted accounting Principles<br />Asha Sharma<br />Faculty: Mgt.<br />
  2. 2. GAAP<br />Business Entity Concept: <br /><ul><li>A business entity is said to be separate distinct from its owners.
  3. 3. Record those transactions which relate only to the business.
  4. 4. All transactions are recorded from the point of the business itself as an entity.</li></li></ul><li>Cont………..<br />Money Measurement Concept:<br /><ul><li>Money is the only factor common to all business transaction.
  5. 5. Only those transactions and events are to be recorded in the books of accounts which can be expressed in terms of money</li></ul>Going Concern Concept: The enterprise will continue to operate for an indefinitely long period in future.<br />Cost Concept: An asset is worth the price paid for or cost incurred to acquire it.<br />
  6. 6. Cont……….<br />Realization Concept: Any change in the value of an asset should only be recognized at the firm realizes or disposes of the asset.<br />Accrual Concept<br />Accounting Period Concept<br />Matching concept<br />Dual aspect Concept<br />Consistency Concept<br />

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