Transcription of Theory Base of Accounting - NCERT
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Theory Base of Accounting - NCERT
23 Theory Base of AccountingLEARNING OBJECTIVESA fter studying this chapter,you will be able to: identify the need fortheory base of acco-unting; explain the nature ofGenerally AcceptedAccounting Principles(GAAP); state the meaning andpurpose of the basicaccounting concepts; list the accountingstandards issued byInstitute of CharteredAccountants of India; describe the systemsof Accounting ; and describe the basis discussed in the previous chapter, accountingis concerned with the recording, classifying andsummarising of financial transactions and eventsand interpreting the results thereof. It aims atproviding information about the financialperformance of a firm to its various users such asowners, managers employees, investors, creditors,suppliers of goods and services and tax authoritiesand help them in taking important decisions.
Theory Base of Accounting 23 LEARNING OBJECTIVES After studying this chapter, you will be able to: • identify the need for theory base of acco-unting; • explain the nature of Generally Accepted Accounting Principles (GAAP); • stat e the meaning and purpose of the basic accounting concepts; • list the accounting standards issued by ...
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