Interview questions

GAAP Stands for Generally Accepted Accounting Principles.
Accounting Standardards are issued by the Institute of 
Chartered Accountants of India (ICAI) which is the largest 
accounting body in the country. Now the Accounting 
Standards are 32.Accounting Standards are prepared by 
expert persons.Generally Accepted Accounting Principles 
means just like Accounting Concept which means every person 
can accept this principles.

Dear Ankush,

Thanks for you reply. But can you kindly elaborate more on this.

GAAP is a general term used to describe AS of a particular country like AS is Indian GAAP....

US has no AS so they say theirs as US GAAP & So also UK fellos as UK GAAP...

For Australia they follow IFRS(A-IFRS) u can call its as Australian GAAP...

the name is as apt as its expansion of the word...

GENERALLY Accepted Accounting Principls....(or Policies or Procedures)
 

very nice chetan! Thanks a ton.

No probs dude..... welcome....