This video explains the need & importance for two Generally Accepted Accounting Principles (GAAP).GAAP is a collection of commonly followed accounting rules and standards for financial reporting. We will be going through main two accounting principles i.e. Money Measurement & Cost Concept with a practical & logical example in less than 10 minutes. These principles are the backbone for learning further accounting. You can also check the preview for reference.
If you wish to check, here are some other accounting principles :-
Revenue Recongnition & Objective Evidence Concept
Dual Aspect Concept & Matching Principle