what are the principles of accountancy.......??
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The phrase "generally accepted accounting principles" (or "GAAP") consists of three important sets of rules: (1) the basic accounting principles and guidelines, (2) the detailed rules and standards issued by FASB and its predecessor the Accounting Principles Board (APB), and (3) the generally accepted industry ...
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the full disclosure principal is the generally accepted accounting principle that grabs the most headlines. under this basic accounting principle , a business is required to disclose all information that relates to the function of its financial statement in notes accompanying the statements.
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