Generally Accepted Accounting Principles (GAAP) are essential guidelines that ensure consistency and transparency in financial reporting. Understanding these principles helps you grasp how businesses assess their financial health and make informed decisions in Financial Accounting I.
Going Concern Principle
Accrual Basis Principle
Matching Principle
Revenue Recognition Principle
Full Disclosure Principle
Materiality Principle
Consistency Principle
Conservatism Principle
Cost Principle
Monetary Unit Principle
Time Period Principle
Economic Entity Principle