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The accounting information must be reliable, relevant and comparable for the effective functioning of business. This is possible only when the information in the financial statement provides uniformity accounting policies, principles and practices.

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)"

Single Entry System
It is an incomplete record of book-keeping. It is not restricted with accounting principles and policies. Under this system, only personal account and cash account are recorded. Single-entry does not mean recorded of only one aspects of entry for each transaction.

It includes
Single entry - for transactions like cash purchases
Double entry - for transactions like Cash paid to creditors
No entry - for transactions like depreciation.

If nominal and real accounts are missed, it does not show the True and fair view of financial statement.

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