Generally accepted accounting principles (GAAP)encompass the conventions,rules,and procedures necessary to define accepted accounting practice at a particular time.

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This statement is true. GAAP provide a standard framework for financial reporting and are established by various accounting standard-setting organizations, such as the Financial Accounting Standards Board (FASB) in the United States.

Generally Accepted Accounting Principles (GAAP)encompass the Conventions,rules,and Procedures Necessary to Define