GAAP sets the rules for businesses to follow in the preparation of financial statements.

Name: GAAP sets the rules for businesses to follow in the preparation of financial statements.
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GAAP, which stands for Generally Accepted Accounting Principles, is a collection of commonly-followed accounting rules and standards for financial reporting that businesses in the U.S. are required to follow when they prepare their financial statements.

GAAP Sets the Rules for Businesses to Follow in the Preparation