Principles and Guidelines for a Small Business Modest Money2 Comments

The Generally Accepted Accounting Principles are a number of rules and guidelines that accountants follow in the preparations of financial statements and record a summary of transactions. GVK Group uses these GAAP rules in all its transactions, which allow them to achieve consistency in reporting records of all its transactions. According to a reputable Vancouver accounting firm – there are five major principles that apply to managerial and financial accounting at GVK Group as discussed below.

Accounting Entity: The accountant has to keep all the company’s operations of a business entity detached from all personal transactions. In a sole proprietorship, the owner and the entity are considered as one, but in accounting, they considered to be two entirely different entities. Therefore, there is a need to define the entities precisely.

Monetary unit Assumption: Accounting deals with the economic activities of measurements and obligations and only those that can be shown in terms of money are recorded. It is assumed that the currency has not altered over time. Hence, accountants disregard the effects of inflation on the recorded amounts.

Time Period Assumptions: This principle makes assumptions that it is a possibility to report intricate and in progress activities of a business…

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