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Former Member

gaap analysis

hi

What is the meaning of GAAP analysis & the use of it.

please anyone tell me.

Ankita

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3 Answers

  • Best Answer
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    Former Member
    Sep 06, 2008 at 04:39 AM

    Dear Ankita,

    Can you be little bit Clear whether you need GAP Analysis or GAAP Accounting.

    Thanks and Regards

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    • Former Member Former Member

      Generally Accepted Accounting Principles (GAAP): is the standard framework of guidelines for financial accounting. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements.

      Financial accounting information must be assembled and reported objectively. Third-parties who must rely on such information have a right to be assured that the data are free from bias and inconsistency, whether deliberate or not. For this reason, financial accounting relies on certain standards or guides that are called "Generally Accepted Accounting Principles" (GAAP).

      There are certain Principles of GAAP:

      Principle of regularity,Principle of sincerity,Principle of the permanence of methods,Principle of non-compensation,Principle of prudence,Principle of continuity,Principle of periodicity etc..........

      hope its useful,

      Rgds,

      R.Ramakrishnaraj

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    Former Member
    Sep 06, 2008 at 04:40 AM

    Hi Ankita

    GAP analysis. Simple meaning is " the

    differents between agreed work and completed work".

    GAAP IS A DIFF. BETWEEN AS IS AND TO BE ie., 'as is ' is a current position of the project and 'to be' is the feature

    position of the project the diff is the gaap

    Think this will help U.

    Venkat.

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    Former Member
    Sep 08, 2008 at 07:03 AM

    gap analysis are created at blue print stage in implementation project.

    gap can be identified what mistkes done these should we have to full fil in future

    that is called is gap

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