Generally accepted accpunting principle or gaap, Financial Management

Generally Accepted Accpunting Principle or GAAP

The American Institute of Certified Public Accountant (AICPA) elaborates financial accounting theory and commonly accepted accounting principles as follows:

Financial statements are the products of procedure in that a large volume of data about aspects of the economic activities of an enterprise are accumulated, analysed and reported.  The procedure should be carried out in accordance along with commonly accepted accounting principles.  Generally accepted principles incorporate the consensus at a particular time as to that economic resources and obligations should be recorded as assets and liabilities through financial accounting, that change in assets and liabilities should be recorded, while these changes should be recorded and how the changes in assets and liabilities should be measured. GAAP also lays emphasis on what information should be disclosed and how it should be disclosed and which financial statements should be prepared.

Generally Accepted Accounting Principles (GAAP) encompasses the convention, rules and procedures essential to define accepted accounting practice at a particular time.  GAAP involved not only wide guidelines of common application, but also detailed practices & procedures.

Posted Date: 2/6/2013 12:33:31 AM | Location : United States







Related Discussions:- Generally accepted accpunting principle or gaap, Assignment Help, Ask Question on Generally accepted accpunting principle or gaap, Get Answer, Expert's Help, Generally accepted accpunting principle or gaap Discussions

Write discussion on Generally accepted accpunting principle or gaap
Your posts are moderated
Related Questions
what are the arguments in favour of profit maximization?

a) Year 2 ROCE = $400k / $1,000k = 40% Year 1 ROCE = $360k / $800k = 45% b) ROCE is an efficiency ratio that measures the monetary performance of a firm compared with the amo

Explain the terms- Stock and  Share Stock Ownership of a company represented by shares that are a claim on the company's earnings and assets. Share Unit of equity

Different Cost of Capital with Changed Proportions: It is quite possible that the specific costs of capital of different sources may be affected by the amount of funds' raised and

Structure and Participation of Hedge Funds: The typical structure for a Hedge Fund is to facilitate the tax concerns of investors and fund managers. Basically, there are two or

How do I do an introductory writing on this topic tto help. Include all salient issues?

Under what circumstances will the foreign subsidiary’s financial structure become relevant? The subsidiary’s own financial structure will become applicable when the parent firm

The price of the embedded option comprises two components. The first is the value of the same bond assuming it has no embedded option (option-free bond), th

evaluate the importance of leverage in financial management of a small scale company

Q. What do you mean by Working Capital? Meaning of Working Capital:- Working capital management is a significant aspect of financial management. In business money is necessar