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Generally accepted accounting principles (GAAP) provide rules and standards that accountants must follow to ensure financial reporting is accurate and consistent. The Securities Act of 1933 and Securities Exchange Act of 1934 were passed to regulate securities trading and protect investors, which led to the formal development of accounting principles and the creation of the Securities and Exchange Commission to set GAAP standards. Key concepts in GAAP include the business entity, going concern assumption, use of historical costs, accrual basis of accounting, and full disclosure of financial information.
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7. Cost Concept
8. Principle of Prudence
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Hope, basic of these concepts is easy to understand.
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Presentation1
- 3. Gaap stands for generally accepted Accounting principles. Gaap are some type of rules & accountant must be familiar with acceptable reference sources in order to decide whether any particular accounting principles has substantial authoritative support.
- 4. In general securities of exchange 1934 was intended to regulate securities trading on the national exchanges ,& it was under this authority that the SEC was created.SEC has authority to determine GAAP & to regulate the accounting profession. The formal process of developing accounting principles that exists today in US began with the securities act of 1933 & 1934.The securities act of 1933 was designed to protect investors from abuses in financial reporting that developed during the 1920s.
- 9. Business entity Going concern Time period Monetary unit Historical cost Matching concept Full disclosure Cash basis Accrual basis Realization Industry practice
- 10. business entity: • The entity for which the financial statements are prepared is separate & distinct from the owners of the entity. Going concern: • include the infinite time period…provides perspective on future of entity. Time period: • discuss the time period in starting the period… Monetary unit: • Yard, a gallon & money of the possible standards of measure… Historical cost: • The price of asset in the balance sheet is based on its original cost when acquired by the company.
- 11. Matching concept • Match the revenue & expenses which recorded in accounting period… full disclosure: • No include the hidden information… cash basis: • Records the transaction when cash receive & payed… Accrual basis: • It record when transaction are occurred.
- 12. Industry practices: Some industry practices lead to accounting reports that do not conform to the general theory that underlies accounting. Realization: Realization is assumed to occur when the seller receives cash or a claim to cash in exchange for goods /services.
- 16. Thank you.