Asked by dorian hawthorne on May 17, 2024
Verified
The initials GAAP stand for
A) general accounting procedures
B) generally accepted plans
C) generally accepted accounting principles
D) generally accepted accounting practices
Generally Accepted Accounting Principles
A set of accounting standards, principles, and procedures that companies must follow when they compile their financial statements, ensuring transparency and comparability.
GAAP
Generally Accepted Accounting Principles; a collection of commonly-followed accounting rules and standards for financial reporting.
General Accounting Procedures
The standardized methods and practices used by accountants to prepare, present, and report financial statements.
- Recognize the significance and application of Generally Accepted Accounting Principles (GAAP).
Verified Answer
NG
Nasri GeorgeMay 19, 2024
Final Answer :
C
Explanation :
GAAP stands for generally accepted accounting principles. This refers to a set of accounting standards, guidelines and procedures that companies use to prepare and present their financial statements. These principles ensure consistency, accuracy and transparency in financial reporting.
Learning Objectives
- Recognize the significance and application of Generally Accepted Accounting Principles (GAAP).