generally accepted accounting principles and financial Gaap is short for generally accepted accounting principles gaap is a cluster of accounting standards and common industry usage that have been developed over many years it is used by organizations to.
{"Image DocumentName": "Principles of Accounting", "Image ImageDescription": "Monetary Unit Principle. Express transactions and events in monetary, or money, units. Revenue Recognition Principle. Recognize revenue when it is earned. Proceeds need not be in cash. Measure revenue by cash received plus cash value of items received. Business Entity Principle. A business is accounted for separately from other business entities, including its owner. The monetary unit principle tells us that we will only record accounting information that can be expressed in monetary units, usually dollars in the United States. The revenue recognition principle states that revenue is to be recorded in the accounts of the company when it is earned. We need not wait until cash is received before we recognize revenue. It may be difficult to follow this principle in the beginning of the course because you are probably a cash basis individual. You usually wait until cash is paid or received before recognizing a transaction. The business entity principle tells us that we must separate out the transaction of individual owners of a business from those of the business.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}