GAAP, in an accounting context, stands for:
A) Good Auditing and Accounting Practices.
B) General Accepted Accounting Practice.
C) General Assumptions and Attitudes of Professionals.
D) none of the above.

Question

Quizplus · Accepted Answer

GAAP stands for Generally Accepted Accounting Principles, which are a set of guidelines and standards for financial accounting and reporting. It provides a common language for companies, investors, and regulators to understand financial information.

GAAP, in an Accounting Context, Stands For