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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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Answered on 21 Jun CBSE/Class 11/Commerce CBSE/Class 11/Commerce/Accountancy CBSE/Class 11/Commerce/Economics

Jai

Teaches from Heart.

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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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Answered on 28 Feb CBSE/Class 11/Commerce/Accountancy

Aman Mehta

Tutor

As per Matching concept, expenditure should equal to the income for an accounting year. Purpose behind the matching concept is that the misstated earning can be avoided.
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Answered on 23 Jun CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Rishana PP

Accounts Faculty

According to the accounting entity concept, business is seperated from its owner.So the investment made by the owner (ie capital) is the fund that is to be repaid to the owner itself, at the very last when the company winds up. Liability is the amount the business owe to an outsider.Same way, capital... read more

According to the accounting entity concept, business is seperated from its owner.So the investment made by the owner (ie capital) is the fund that is to be repaid to the owner itself, at the very last when the company winds up.

Liability is the amount the business owe to an outsider.Same way, capital is also the amount the business owe to owner who is treated like an outsider.

So liabilty and capital are having the same rule as both of these are the one business owes to others.

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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 25 Jun CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Name the concept under which the skills or quality of the management team is not disclosed in the financial statements.

Rishana PP

Accounts Faculty

Money measurement concept.It says that only the information related to money is recorded in business and no qualitative information is recorded. The skill, quality etc of management and workers is not recorded as its not quantitative or cannot be expressed in terms of money
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Answered on 14 Feb CBSE/Class 11/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

What are the fixed assets? Give example.

Priyanka Vijayananth

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The term 'fixed assets' refers specifically to assets that cannot be converted easily or quickly into cash. Examples: motor vehicles, furniture, office equipment, computers, patents etc.
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Answered on 21 Jun CBSE/Class 11/Commerce/Accountancy

Renu y.

amalgamation is cosolidation of one or more entity to form form new entity while absorption is only merger of two compay no new company is created. amalgmation includes absorption
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Answered on 09 Feb CBSE/Class 11/Commerce/Accountancy

Sujoy D.

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All and Indefinite
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