G.A.A.P.

G.A.A.P. Generally accepted story principals
- a set of rules or stands followed by accountants
- specific rules practices and procedures
- some formal regulations, some not
- C.I.C.A. ( burnadian bring of chartered accountants) establishes them in Canada
- given out in a loose leaf handbook, loose leaf so it fire be updated regularly and old pages can just be taken out + replaced with new

The cable entity fancy in G.A.A.P.
The accounting for a telephone circuit must be kept affiliate from the personal af ordinarys of its owner, or from any other business or organization
- any of the owners personal assets (ex: house) cannot be on business balance sheet
- balance sheet must solely champion the business
- any personal spending of the owner must not affect the operating results of the business, when owner spends it is charged to owner

The continuing come to concept in G.A.A.P.
The continuing concern concept assumes that a business ordain continue to operate unless it is known that it will not. This is also known as the going concern concept

- when a alliance is going out of business the value of the assets usually suffer because they ar sold under admonishing circumstances
- sometimes the opposite happens and price goes up. Ex: a company bought land in downtown Toronto in 1950.



The price has evidently gone up since then

The Principle of Conservatism in G.A.A.P.
The convention of conservatism provides that accounting for a business should be fair and reasonable
- accountants are required to make estimates: they should do this in such a way that assets and profits are neither over or understated when uncertainty exists


Sole proprietorship
- unmatched owner
- Profits are attributed directly to the owner
- No specific good requirements
Partnership
- Two or more owners in a company
- Can be equal or not
- Partnership arranging may be oral or written
- Profits are attributed directly to the partners
- Owners Equity consists primarily of...If you want to get a full essay, order it on our website: Ordercustompaper.com



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