The initials GAAP stand for
A) general accounting procedures
B) generally accepted plans
C) generally accepted accounting principles
D) generally accepted accounting practices

Question

Quizplus · Accepted Answer

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.

The Initials GAAP Stand for