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Generally Accepted Accounting Principles (GAPP)

Accounting is the language of business. Accounting Principle, concepts are general guidelines for sound Accounting practice.

The set of principles, assumption and practices following in recording accounting transaction and in preparation of financial statement referred as “Generally Accepted Accounting Principles. “(GAPP)"

In the absence of Systematic and uniformity approach it may result in utter Confusions in the world of Trade and Commerce.

It is also termed as Accounting Concepts and Conventions by some experts.

Accounting Concepts:
Accounting concepts are the assumption (or) ideas which are needed to understand the accounting aspects in the same sense by the user. These concepts are also essential for preparation of financial Statement and recording accounts.

Accounting Conventions:
It is a customs, tradition, Method and practices which is followed as guidelines for preparation and presentation of account. It helps in Comparison of accounting for different periods.

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