0
Generally Accepted Accounting Principles Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting. It includes the standards, conventions, and rules Accountants follow in recording and summarizing transactions, and in the preparation of financial statements. One key aspect of GAAP is an emphasis of "general" as a conceptual realization of variables in method. Far from suggesting that all accounting exercises employ the same method and generate the same results, GAAP accommodates variation in applied accounting methods as long as the methods generally adhere to this set of principles, which are more broad than specific. Pursuant to the foregoing, not only therefore does this provide for variation in method, the natural conclusion is GAAP creates an environment in which financial reporting results can vary depending on purpose. One company in one fiscal year can produce different reports, all completed within GAAP, for different audiences or different purposes, and all these reports can be considered correct.
Add your answer:
Earn +20 pts
Define inflationary economy under US GAAP?
define an inflationary economy
What is GAAP the financial term discribing earnings?
GAAP is a financial term but it doesn't describe earnings. GAAP means Generally Accepted Accounting Principles, and they're the principles, standards and procedures companies use to prepare financial statements. By using GAAP, an investor can read a company's annual report with some confidence the company is counting its money in generally the same way the company across the street from it counts theirs. These go hand in hand with GAAS, the Generally Accepted Auditing Standards accountants use to ensure a company that's using Generally Accepted Accounting Principles is not exceeding their Generally Accepted Limits.
Time Period Concept?
the time period concept is a GAAP that is generally accepted accounting principle that states that the acounting entries are made in equal periods of time usually on each year
Accounting practice on small scale businesses in nigeria?
The generally accepted accounting practice (GAAP) is followed. However when the business is too small, they practice cost accounting system or maintain rough accounts by themselves.
How do you determine the value of Ending Inventory do you use the value the inventory was purchase at or the value of the inventory at the months end?
Hello - I use the value the inventory was purchased at. If you need to, then you can devalue the inventory by stating a write down on obsolete goods, or alternatively, product that you will have to take a discount on. Technically, you have a few options - LIFO (last in, first out), FIFO most common - First in, first out, and average - average is not GAAP in Canadian accounting, but is workable in the states. Hope this helps you!
Where GAAP is implementing in Pakistan?
gaap
What is Pakistani GAAP?
ugly people need gaap to look nicer
What do you mean by gaap?
GAAP is an acronym for Generally Accepted Accounting Principles
How does GAAP affect financial reporting?
How does GAAP affect financial reporting?
Short note of accounting standards and GAAP?
short note on GAAP
When was GAAP established?
In 1992, the Auditing Standards Board established the GAAP hierarchy.
What is the purpose of GAAP?
Generally Accepted Accounting Principles, or GAAP, are the standards used by accountants. GAAP ensures that all companies report financial information in a consistent manner.
Full form of GAAP?
In Accounting/Finance arena GAAP stands for Generally Accepted Accounting Principals. Eevery company has to balance their books by GAAP standards and regulations.
What does GAAP stand for?
Generally Accepted Accounting Principles. There are different types of GAAP in todays world. For example, there is U.S. GAAP (generally accepted acccounting principles in the United States) and U.K. GAAP (generally accepted accounting principles in the United Kingdom).
Who can issue disclosure requirements for companies under its jurisdiction that may exceed gaap?
Sec, gaap,
What is the XBRL term for sales and for gross profit?
It depends which GAAP you are referring to. The answer would be different for US GAAP, Canadian GAAP or IFRS. If you mean US GAAP, you can look it up at http://xbrl.us/Pages/US-GAAP.aspx - the answer(s) would probably be SalesRevenueNet and GrossProfit, respectively.
What does the Afrikaans slang word 'gaap' mean?
Gaap is "yawn" or "the act of yawning" in English. It depends on the structure of the sentence.
