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Lesson Posted on 12 Jul CBSE/Class 11/Commerce/Accountancy

Generally Accepted Accounting Principles (GAAP)

Mujeeb R.

100% result oriented teaching in Accountancy, Finance, Economics and Income tax.

GAAP is the common set of accounting principles, standards and procedures that organizations use to make accounting transactions and compile their financial statements. GAAP is a combination of: Commonly accepted ways of recording and reporting accounting information; and Authoritative standards (set... read more

GAAP is the common set of accounting principles, standards and procedures that organizations use to make accounting transactions and compile their financial statements. GAAP is a combination of:

Commonly accepted ways of recording and reporting accounting information; and

Authoritative standards (set by policy boards – see section 2.2 International Public Sector Accounting Standards, for further description of the standards setting process for the public sector)

GAAP is an essential guide for financial and accounting managers to help make judgments on how to record transactions.  GAAP is a set of guidelines or, more precisely, a group of objectives and conventions that have evolved over time to govern how financial statements are prepared and presented.

GAAP covers revenue and expenditure recognition as well as balance sheet item classification.  Organizations are expected to follow GAAP rules when reporting their financial data via financial statements.

Since GAAP is founded on the basic accounting principles and guidelines, we can better understand GAAP if we understand those accounting principles. The table below lists the ten main accounting principles and guidelines together with a highly condensed explanation of each.

There are two alternative basis of accounting - accrual and cash.  GAAP has been developed to meet the requirements of the accrual basis of accounting and therefore in many instances the Cash basis of accounting does not follow GAAP.  The primary difference is with respect to revenues and expenses which, in the cash basis, are recognized only when received or paid.  This ignores the concept of revenues earned but not received, and, expenses incurred but not paid.  Another key difference is the treatment of capital assets.  Accrual based accounting depreciates capital assets over their useful life, whereas cash based accounting expenses the entire amount of the capital purchase when it is made.  It should be noted that the Government of Libya generally uses the cash basis of accounting, except for some types of .  Since most of the private sector incorporates the accrual basis of accounting, and many governments already use or are moving to this method of accounting, it is important that it be included to some degree in this manual.

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Lesson Posted on 08 Apr CBSE/Class 11/Commerce/Accountancy

Rules of Accounting

SAHIL COMMERCE CENTRE

Personal Account- Debit the receiver Credit the giver. Real Account- Debit what comes in Credit what goes out Nominal Account- Debit all expenses and loss Credit all incomes and gain
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Lesson Posted on 20 Mar CBSE/Class 11/Commerce/Accountancy

GOLDEN RULES OF ACCOUNTING

Dr. Sanjay Hiran

I want to give my students academic as well as professional knowledge about related subjects (Accounts,...

Golden Rules of debit and credit 1. Personal accounts : Debit the receiver & Credit the giver (supplier).2. Real accounts : Debit what comes in & Credit what goes out.3. Nominal accounts : Debit expenses and losses & Credit incomes and gains. read more

Golden Rules of debit and credit

1. Personal accounts : Debit the receiver & Credit the giver (supplier).
2. Real accounts : Debit what comes in & Credit what goes out.
3. Nominal accounts : Debit expenses and losses & Credit incomes and gains.

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Lesson Posted on 20 Mar CBSE/Class 11/Commerce/Accountancy

GOLDEN RULES OF ACCOUNTING

Dr. Sanjay Hiran

I want to give my students academic as well as professional knowledge about related subjects (Accounts,...

Rules of debit and credit 1. Personal accounts : Debit the receiver & Credit the giver (supplier)2. Real accounts : Debit what comes in & Credit what goes out3. Nominal accounts : Debit expenses and losses & Credit incomes and gains read more

Rules of debit and credit 
1. Personal accounts : Debit the receiver & Credit the giver (supplier)
2. Real accounts : Debit what comes in & Credit what goes out
3. Nominal accounts : Debit expenses and losses & Credit incomes and gains

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Lesson Posted on 06 Mar CBSE/Class 11/Commerce/Accountancy

Golden Rules of Accounting

Munaf Sait

Golden Rules of Accounting: i. Personal Account: Dr. The Receiver Cr. The Giver ii. Real Account: Dr. What Comes in Cr.What Goes out iii. Nominal Account: Dr.Expenses and Losses Dr.Incomes And Gains. read more

Golden Rules of Accounting:

i. Personal Account:

  1.  Dr. The Receiver
  2. Cr. The Giver    

ii. Real Account:

  1. Dr. What Comes in
  2. Cr.What Goes out

iii. Nominal Account:

  1. Dr.Expenses and Losses
  2. Dr.Incomes And Gains.
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Answered on 18 Mar CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Abhinav Anand

Tutor

Profitability of a business entity can be estimated through trading p&l account. Where trading account states the gross profit and p&l account states the net profit earned by the entity.
Answers 8 Comments 1
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Answered on 17 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Gajender Vats

Tutor

In simple terms any thing bring by the owner of business to start the business activity or for investing
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Priyanka Vijayananth

I am Searching for new authors ??

Pay-in-slip is a form available in banks and is used to deposit money into a bank account.
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Answered on 06 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Under which basis of accounting only cash transactions are recorded in the books?

Ashok Mahajan

No.1 in Accounts coaching

Cash Basis method
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Answered on 09 Feb CBSE/Class 11/Commerce/Accountancy

Sujoy D.

Tutor

All and Indefinite
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