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 two main accounting principles i.e. Revenue Recognition & Objective Evidence Concept with a practical & logical example in less than 7 minutes. 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 :-
Dual Aspect Concept & Matching Principle
Accrual Basis & Cash Basis Concept
Accounting Period Concept