Generally Accepted Accounting Principles

GAAPs are the basic rules that define the parameters and constraints within which accounting operates and are the theory base of accounting. IncludesAccounting principles Concepts Conventions

Accounting Concepts
The Business Entity concept The Money Measurement concept The going Concern concept The Accounting Period Concept The Cost Concept The Dual Aspect Concept The Revenue Recognition Concept The Matching Concept The Accrual Concept The Verifiable Objective Concept

Accounting conventions
Convention of Full Disclosure Convention of Consistency Convention of Prudence or Conservatism Materiality Concept