GAAP
Trending Questions
What is the correct full form of GAAP?
Generally Accepted Accounting Principles
Generally Accepted Accounting Procedures
Generally Accepted Accounting Policies
All of the above
What are the objectives of Accounting Standards?
What is meant by Accounting Standards? Discuss their nature.
Explain the features of accounting principles.
What is grouping in accounting?
Write any three objectives of Accounting Standards (AS).
Define Accounting Standards. Explain their need.
Explain any six points highlighting the utility of accounting standards.
"The accounting concepts and accounting standards are generally referred to as the essence of financial accounting." Comment.
Explain Accounting Standards (AS) briefly.
What are modifying principles? Briefly explain their significance & Values?
What is meant by Generally Accepted Accounting Principles (GAAP)?
Explain Consistency assumption and Revenue Recognition principle of accounting.
Which of the following is the benefit of using GAAP while preparation of financial statements?
All of these
Facilitates comparison of financial statements
Adequate disclosures in the financial statements
Eliminate confusing variations
What are the errors of omission and errors of commission?
What is the consistency principle?
- it is difficult to choose the different alternatives between different accounting treatments
- they may lead to the rigidity
- they cannot override the statute
- difference in accounting standards are bound to be there due to difference in tradition and legal system in different countries
- Convention
- Report
- Concepts
- None of the above
- True
- False
Who sets GAAP?
- Double entry
- Accounting equation
- Both a & b
- None of the above
What do you mean by accounting principles?
What is GAAP used for?
