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

Question

Quizplus · Accepted Answer

GAAP stands for Generally Accepted Accounting Principles, which are a set of guidelines and standards that dictate how accounting transactions should be recorded, reported, and disclosed in financial statements to ensure consistency, comparability, accuracy, and transparency across different companies and industries. GAAP is established by the Financial Accounting Standards Board (FASB) in the United States and other similar standard-setting bodies in other countries, and it encompasses principles, concepts, conventions, rules, and industry-specific practices that reflect the best practices and consensus of the accounting profession. GAAP provides a framework for investors, creditors, regulators, and the public to assess the financial health and performance of businesses and make informed decisions based on reliable information.

GAAP,in an Accounting Context,stands For