Describe the accounting principles
Answers were Sorted based on User's Feedback
Answer / saikiran
GAAP is exceedingly useful because it attempts to standardize and regulate accounting definitions, assumptions, and methods. Because of generally accepted accounting principles we are able to assume that there is consistency from year to year in the methods used to prepare a company's financial statements. And although variations may exist, we can make reasonably confident conclusions when comparing one company to another, or comparing one company's financial statistics to the statistics for its industry.
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / saikiran
Principles of accounting can also refer to the basic or fundamental accounting principles: cost principles, matching principles, full disclosure principles, materiality principles, going concern principles, economic entity principles, and so on. In this context, principles of accounting refers to the broad underlying concepts which guide accountants when preparing financial statements.
Is This Answer Correct ? | 0 Yes | 0 No |
Why we Add the net profit in the balance sheet ? Why we shows profit in the liability side of the balance sheet?
Why you want to leave your present job while they offer you with good offer?
what is brs?
with out college degree con't we dc accounting job?
What is Budgeted capital ?
What is Contigent Liability?
why do u think u can be selected in the job?
you went outside to purchase vegetagles, suddently big rain came then what you will do
how to pass journal entry for vat paid in tally?
what is the difference between a company's balance sheet & a bank's balance sheet.what is the negotiable instrument act . is cheque a negotiable instrument.
4 Answers ESIC, State Bank Of India SBI,
what is meant by derivatives
2 Answers Capital IQ, RRDonnelley,
what is stock? what is bond? who is portfolio manager? corporare action?