Answer Posted / sushil mohan
GAAP
Generally Accepted Accounting Principles
It includes Accounting Concepts and conventions.
Concepts:
1.Seperate Entity
2.Going Concern
3.Money Measurement
4.cost
5.Dual Aspect
6.Accounting Period
7.Relization
8.Periodic Matching
9.Accrual
Conventions:
1.Conservatism
2.Consistancy
3.Materiality
4.Full Disclosure
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