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GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
| Is This Answer Correct ? | 42 Yes | 1 No |
Answer / 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
| Is This Answer Correct ? | 15 Yes | 1 No |
Answer / n.kanagaraj
generally accepted accounting principle. most of the
companies are following this.
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / rajesh
generally accepted accounting accounting principles
| Is This Answer Correct ? | 4 Yes | 6 No |
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please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
Audit 
