This video explains the need & importance for Generally Accepted Accounting Principles (GAAP). In this session, we will be going through two accounting principles i.e. Entity Concept and Going Concern Concept with a practical & logical example in less than 10 minutes. You can also check the preview for reference.
If you wish to check, here are some other accounting principles :-
Money Measurement & Cost Concept Principle
Revenue Recongnition & Objective Evidence Concept
Dual Aspect Concept & Matching Principle