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Concepts and Conventions

Concepts and Conventions

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Published by kulife

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Published by: kulife on Apr 08, 2010
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10/24/2012

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Generally AcceptedAccounting Principles
 
 To provide information usefulfor making investment andlending decisions
Generally Accepted Accounting Principles
What is the primary objective ofinancial Accounting and Reporting?
 
Generally Accepted AccountingPrinciples and Basic Concepts
I
f every accountant used his or her own rules forecording transactions, the financial statements would be useless in making comparisons.
Therefore, accountants have agreed to apply a commonset of measurement principles (a common language) torecord information for financial statements.

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BunmiLamidi added this note
the information here is enreaching and adequate as well as informating. thanks a lot
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