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

THANKS