It is important that people should follow standard principles while doing accounting calculations. The principle should be such that it is followed through out the world. To honor this fact GAAP (Generally Accepted Accounting Principles) has been originated. GAAP refers to the standard framework of guidelines for mainly financial accounting. It includes all the essential standards, conventions, rules and regulations that the account expert must follow while dealing with financial transactions.
GAAP implies various principles like principle of regularity, principle of consistency, principle of sincerity, principle of performance of methods, principle of non-compensation, principle of prudence, principle of continuity, principle of periodicity, principle of full disclosure.
All these principles are used in determining the various financial accounting procedures and thereby managing the accounting related data.
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GAAP is the condensing of Generally Accepted Accounting Principles. GAAP isn't really an assortment of rules and rules, however, GAAP utilizes those. Or maybe, GAAP speaks to an assortment of wide ideas and point by point rehearses that speak to best bookkeeping rehearses as it is acknowledged at a given time, and regularly inside a particular industry. Reporting as indicated by GAAP gives a proportion of consistency with the goal that those looking at budget summaries have an establishment from which to contrast execution with another period or another organization, or create budgetary proportions that utilization explicit GAAP-characterized quantities.
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