GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.pptx
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Generally Accepted Accounting Principles (GAAP) are a collection of commonly-followed accounting rules and standards for financial reporting. GAAP includes accounting assumptions like the economic entity assumption which requires separate financial records for each business, and the full disclosure principle which mandates financial statements provide information about a company's past performance. GAAP provides guidelines for tracking monetary transactions and reporting results over artificial time periods to assess a business's performance.
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AccountingPrinciples.pptx
This document discusses accounting principles and concepts. It begins by defining generally accepted accounting principles (GAAP) as the basic rules and guidelines for preparing financial statements. It then discusses key accounting concepts like the going concern assumption, consistency assumption, and accrual assumption. The rest of the document outlines other fundamental accounting principles like the business entity principle, money measurement principle, accounting period principle, and more. It emphasizes that accounting principles provide uniformity and allow for meaningful comparison of financial information.
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This document discusses the key concepts and principles of accounting. It defines accounting as identifying, recording, and communicating economic events of a business to interested users. It explains the processes of identifying transactions, recording transactions chronologically in journals and ledgers, and communicating information through financial reports. The document outlines the nature and functions of accounting in providing important financial information to business owners and stakeholders for decision making. It also discusses the different users of accounting information, both internal and external, and how the principles of accounting establish standards for financial reporting.
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This document discusses the key concepts and principles of accounting. It defines accounting as identifying, recording, and communicating economic events of a business to interested users. It explains the processes of identifying transactions, recording transactions chronologically in journals and ledgers, and communicating information through financial reports. The document outlines the nature and functions of accounting in providing important financial information to business owners and stakeholders for decision making. It also discusses the different users of accounting information, both internal and external, and how the principles of accounting establish standards for financial reporting.
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- 1. 1
- 2. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) M.ZEESHAN ANWAR MUNEEB UR REHMAN
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- 6. 6
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