Flashcards. All transactions are recorded at their original value. Write. Depending on the characteristics of a company or entity, the company law and other regulations determine which accounting principles they are required to apply. The following is a list of the ten main accounting principles and guidelines together with a highly condensed explanation of each. Generally accepted accounting principles (GAAP) refer to a common set of accounting principles, standards, and procedures issued by the Financial Accounting Standards Board (FASB). The standard accounting principles are collectively known as Generally Accepted Accounting Principles (GAAP). Accounting Principles & Characteristics. Since GAAP is founded on the basic accounting principles and guidelines, we can better understand GAAP if we understand those accounting principles. Match. Spell. Learn. PLAY. Therefore, items are shown in the accounting records at … Terms in this set (11) Historical Cost. emdagem. Part 11.1 - Summary of Qualitative Characteristics of GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) Part 11.2 - How and When to Recognize Revenues & Expenses in Accrual Accounting Part 11.3 - Functions in the Purchasing Process and how to Segregate Purchasing Duties Test. Basic Accounting Principles and Guidelines. Gravity. Public companies in the United States must follow GAAP when their … Created by. STUDY. 1.