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I want a exact meaning of GAAP.....

they r the principles according to which  transactions r recorded in books of accounts
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no niharika GAAP are the rules whereas IFRS are principles
eg. :- Under the indian laws balance sheet & P&L A/c are prepared acc. to Schedule III of Companies Act while IFRS donot prescribe any format .
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bt they r generally accepted accounting principles!!
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Im satisfy with the answers
Both were correct

Thanxx
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Generally Accepted Accounting Principles 
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Exact answer

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Generally Accepted Accounting Principles
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