GAAP stands for Generally Accepted Accounting Principles

#GAAP stands for Generally Accepted Accounting Principles software

Principle of Continuity - All company assets should be valued on the supposition that the organization will continue operating and moving forward.Principle of Prudence - All aspects of financial reporting should not be based on speculation but fact-based, reasonable and prudent.Principle of Non-Compensation - All the financial aspects should be reported, regardless of whether it is positive or negative, without compensating for a liability.Principle of Permanence of Methods - Uniform practices should be used in financial accounting and reporting for comparability.Principle of Sincerity - Accountants will make great efforts to produce an accurate, fair, and just depiction of the company's financial performance.This will ascertain comparability within periods. Principle of Consistency - Accountants are committed to using the same accounting standards from one period to the next.Principle of Regularity - All accountants should follow the practices set forth by GAAP.There are 10 general notions that line up the main mission of GAAP. GAAP is the basis of accounting procedures, as approved and used by the FASB or Financial Accounting Standards Board. The GAAP or Generally Accepted Accounting Principles comprises a set of commonly followed accounting standards, procedures, and principles for financial reporting.

#GAAP stands for Generally Accepted Accounting Principles software

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