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Generally accepted accounting principles refers to the standards or guidelines that are used to record and report business activities in order to ensure consistency in the preparation and presentation of financial statements.
Different phases such as principles, postulates, conventions modifying principles, assumptions and so on have been used interchangeably and are referred to as basic accounting ideas.
GAAP is a set of authoritative rules (established by policy boards) and widely accepted methods for recording and reporting financial data. The goal of GAAP is to increase the clarity, uniformity and comparability of financial information communication.
The basic accounting concepts are broad working rules of accounting operations and are referred to as the fundamental principles or basic assumptions underlying the theory and practice of financial accounting.
Basic accounting concepts are a set of general rules that can be utilized as a guide while dealing with accounting issues. There should be no biases in accounting data. Accounting data should accurately reflect the underlying company transactions.
The underlying rules, assumptions add conditions that establish the para meters and restrictions within which accounting operates are known as accounting concepts.
Only those transactions and events in an organization that can be expressed in terms of money should be documented in the books of accounts, according to the idea of money measurement. Furthermore, transaction records must be stored in monetary units rather than physical units.
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