ACCOUNTING CONCEPTS AND PRINCIPLES MLIUIGM1a4Loria ones f Perpetual Accounting Concepts and Principles nO aE Generally Accepted /accounting Principles (GAAP) + These are broad, general statements or “rules” and “procedures” that serve as guides in the practice of accounting + These are standards, assumptions, and concepts with general acceptability + These are measurement techniques and standards used in the presentation and preparation of financial statementsDena em Accounting Concepts and Principles Help S: Sosy | Accounting System + It comprises the methods used by a business to keep records and to summarize these accounts in periodic accounting reports. Transaction + A completed action which can be expressed in monetary terms