THEORY BASE OF ACCOUNTING
GAAPs are the basic rules that define the parameters & constraints within which accounting operates.
ICAI has issued Accounting Standards to standardize the accounting practices adopted to prepare & present final accounts.
This chapter covers the following:
1. Meaning & Nature of Accounting Principles
2. Features & Necessity of Accounting Principles
3. Fundamental Accounting Assumptions
4. Accounting Principles prescribed in the syllabus