The purpose of GAAP is to specify the procedures used in managerial accounting to prepare budgets and cost reports.

Name: The purpose of GAAP is to specify the procedures used in managerial accounting to prepare budgets and cost reports.
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The purpose of GAAP (Generally Accepted Accounting Principles) is to provide a common set of standards and guidelines for financial reporting. It is focused on external financial reporting rather than managerial accounting.

The Purpose of GAAP Is to Specify the Procedures Used