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General accounting concepts

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    Gabriel O.
    ML
    Gabriel O.

    General Accounting Concepts: This must be based on information directly associated to the business being reported on, which generally should deal financial matters. Accounting principles are based on 12(twelve) fundamental concepts, they form the basis for all Generally Accepted Accounting Principles - GAAP.

    Wendy C.
    AU
    Wendy C.

    Relevance , materiality, understandability, time constraints,comparability and reliability are General accounting Principles

    Samuel F.
    ZA
    Samuel F.

    The general guidelines and principles, standards and detailed rules, plus industry practices that exist for financial reporting. Often referred to by its acronymn GAAP

    Harrison A.
    AT
    Harrison A.

    Accounting is the language of business and it is used to communicate financial information.In order for that information to make sense,accounting is based on 12 fundamental concepts.These fundamental concepts then form the basis for all of the Generally Accepted Accounting Principles (GAAP). By using these concepts as the foundation , readers of financial statements and other accounting information do not need to make assumptions about what the numbers mean .

    Harrison A.
    AT
    Harrison A.

    Outline 10 out of these 12 accounting fundamental concepts .

    Zachary B.
    US
    Zachary B.

    What are accounting concepts?

    Caroline Monica M.
    MW
    Caroline Monica M.

    The accounting concepts are impotant to be follows when doing accounting so that at the end of the day you have a good report that any one in your departmnet can use.

    Diamond T.
    US
    Diamond T.

    What are accounting concepts?

    Douglas R.
    US
    Douglas R.

    Concepts have catagories.

    Ardian R.
    flag-default-icon
    Ardian R.

    Accounting Concepts are a set of broad conventions that have been devised to provide a basic framework for financial reporting.

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