This video explains the need & importance of Generally Accepted Accounting Principles (GAAP).GAAP is a collection of commonly followed accounting rules and standards for financial reporting. We will be going through Accounting Period Concept with a practical & logical example in less than 8 minutes. Also, at the end, there is a short revision of all the 11 accounting principles. These principles are the backbone for learning further accounting. You can also check the preview of for reference.
If you wish to check, here are some other accounting principles :-
Entity Concept & Going Concern Concept