general accepted accounting principles are rules or standard in preparing financial statements.

1. General Accepted
Accounting Principle
GROUP 2

2. At the end of the presentation, you will be able to:
 Understand the General Accepted Accounting Principles,
 Differentiate the three accounting principles namely: principle
of relevance, principle of objectivity, and principle of
feasibility, and
 Apply it in preparing and presenting financial statement

3.  Generally Accepted Accounting Principles (GAAP),
often referred to as GAAP, are a set of accounting
rules, standards, and procedures that are followed in
preparing financial statements.

4.  GAAP is important because it helps maintain faith in
the financial markets. If not for GAAP, investors could
be more reluctant to trust the information presented
to them by public companies.

5. 1. Principle of Relevance
 That the resulting information is meaningful and
useful to those who need to know something about
the status of a certain organization.

6. 2. Principle of Objectivity
 That the resulting information is not influence by the
personal bias and judgement of those who furnish it.
Objectivity connotes reliability and trustworthiness. It
further connotes verifiability, which means that there
are some way of finding out whether the information
is true and correct.

7. 3. Principle of Feasibility
 That can be implemented without undue complexity
or cost. These criteria are conflicting with one
another and to resolve, the one which may be least
objective and lest feasible are favored