The initials GAAP stand for a.generally accepted accounting principles b.generally accepted plans c.generally accepted accounting practices d.general accounting procedures

Q: Explain in your own words what generally accepted accounting principles (GAAP) are.

A: GAAP are the rules , standard , guidelines and procedures according to which accounts are prepared.…

Q: Describe the conceptual framework of accounting principles.

A: The conceptual framework can be defined as a system of ideas and objectives that lead to the…

Q: Why and when the generally accepted accounting principles were established?

A: Generally accepted accounting principle- It contains the set of rules, regulations and criteria for…

Q: ow does the accounting conceptual framework apply to the following IAS? Or how does the conceptual…

A: Accounting standards refer to a defined set of rules and regulations and processes that formulates…

Q: plain what’s manage define accounting and describe nature and objective of accounting.

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Application of Generally Accepted Accounting Principles (GAAP) (e.g., matehing prineipte,…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Generally Accepted Accounting Principles (GAAP) are currently formulated by the a. Financial…

A: GAAP: Generally accepted accounting principles (GAAP). It refers to accounting principles, standards…

Q: Differentiate the following terms. a. Bookkeeping and financial accounting.

A: a) The terms 'Bookkeeping and accounting both are part of the accounting system which starts with…

Q: Generally Accepted Accounting Principles

A: Generally accepted accounting principles (GAAP) seek advice from a standard set of accounting…

Q: Accounting being an information system follows basic accounting concepts or principles also known as…

A: Notes: “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: Determine the second level in the conceptual framework of accounting. a. Qualitative characteristics…

A: A conceptual framework of accounting is a system of ideas and major goal which lead to the making of…

Q: e broad conceptual definition of management accounting presented in the text excludes     a. public…

A: Management accounting refers to the system of accounting that uses the informal for internal use by…

Q: GAAP (general accepted accounting principle)

A: GAAP is the set of principles to be followed during the preparation of financial statements. It is…

Q: Briefly describe the organization that is responsible fordeveloping accounting measurement rules…

A: Accounting concepts and principles: Financial statements are prepared in accordance with the…

Q: Name the various types of Accounting Select one: a. none of the above b. Financial Accounting c.…

A: Accounting means a process of identifying, classifying, summarising, analysing and preparing…

Q: The body of rules and procedures that guide the measurement and communication of financial…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Why is it necessary to develop a definitional framework for the basic elements of accounting ?…

A: Accounting serves as the foundation for the creation of financial statements. Accounting is carried…

Q: Explain generally accepted accounting principles and define and apply several accounting principles.

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…

Q: Identify the two main categories of accounting principles.

A: Accounting principles are the principles and rules that organizations must follow when announcing…

Q: Generally accepted guidelines formulated by FASB for the preparation of financial statements are…

A: Financial statements are prepared to show the summarized view of the economic transactions of the…

Q: Principles

A: Answer: Accounting is the subject that is more concerned with the treatment of the numbers so that…

Q: Name the various types of Accounting Select one: a. Both the Above b. Management Accounting c. none…

A: Management Accounting: It is done to make it useful for the managers for decisions making.…

Q: Accounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are…

A: Full form of GAAP is generally accepted accounting principles. This is the collection of commonly…

Q: Briefly explain the following generally accepted accounting principles with your own words and…

A: Conservatism principle refers to a concept which states that the expenses of the business or…

Q: The IASB has created accounting standards that are: Select one: a. Rules-based. b.…

A: IASB stands for International Accounting Standard Board.

Q: dentify and explain the 4 fundamental accounting concepts that guides the preparation and…

A: Financial statements:(FS) FS refers to presenting a company's true financial position based on the…

Q: Briefly explain the following generally accepted accounting principles with examples. a)…

A: a) Conservatism Principle DEFINATION: The accounting principle that only concerns about the…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b) assumption,…

A: Principles are the rule made for every business.

Q: Define accounting and describe the different uses of accounting information

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: ccounting in the United States follows Generally Accepted Accounting Principles (GAAP), which are…

A: The Financial Accounting Standards Board issues a set of accounting principles, standards, and…

Q: General accounting principles consist of four basic principles, four assumptions, and two…

A: Full Disclosure Principle This principle states that every element, accounting records, standards…

Q: Briefly describe how FASB clarifies accounting

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: Briefly explain the following generally accepted accounting principles and give examples. a)…

A: General accepted accounting principles means those set of standards which is followed while…

Q: GAAP stands for: The answer is A. Generally Accepted Accounting Principles. B. Generally Accepted…

A: Introduction: GAAP: GAAP is a bunch of Rules and principles issued by FASB.

Q: Identify the second level in the conceptual framework of accounting. a. Objectives b. Recognition…

A: The conceptual framework consists of ideas and objectives that helps to create consistent rules and…

Q: Explain the different accounting concepts and conventions with examples

A: Accounting Concepts and Conventions exist to serve the basic objective of accounting, i.e, to…

Q: Define generally accepted accounting principles (GAAP)

A: GAAP Stand for Generally Accepted Accounting Principles.

Q: What group or organization is/was responsible for the issuance of Accounting Research Bulletins?

A: Accounting Research Bulletins are the documents on Various problems and challenges faced in the…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or…

A: Accounting assumptions :      As the name suggests, these are the assumptions to be considered by…

Q: Define and apply many accounting concepts as well as explain commonly accepted accounting…

A: Accounting fundamentals: These are the assumptions, ideas, and rules required to produce and present…

Q: Explain the following: 1. Development of accounting rules. 2. How Generally Accepted Accounting…

A: Here discuss about the details of development in the Accounting rules which are incurred in the late…