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PRESENTATION ON GAAP
GERNELLY ACCEPTED ACCOUNTING PRINCIPALSPresent to- Navin Chandra Present by- Gurjot Singh From – B.com 1B
MEANINGGaap is a technical accounting
term which describe the basic rule, concept, convention, and procedures that represent the accepted accounting principles at a particular time.
MATERIALITY•States that material events must be accounted for according to accounting rulesting rule
FULL DISCLOSURE Financial statements of a
business should be complete and should report sufficient economic information relating to the business entity to make the statements understandable
OBJECTIVITY States that all business transactions
must be supported by objective evidence proving that the transaction did in fact occur
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