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What Is GAAP?
Generally Accepted Accounting Principles (GAAP) are a guide to the accounting profession in the choice of accounting techniques and preparation of financial statements. GAAP consists Assumptions, Principles & Constraints.
That explains how company’s should recognize, measure, & report financial elements and events.
GAAP it is set of rules, convention, standards, procedures of reporting financial information as established by FASB are called GAAP

#GAAPS #ASSUPTIONS OF GAAPS

Economic/Business Entity Concept, going concern,
time period and monetary units are the four assumption of General accepted accounting principles.

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