Generally Accepted Accounting Principles are the procedures and guidelines that must be followed during the accounting process.

Name: Generally Accepted Accounting Principles are the procedures and guidelines that must be followed during the accounting process.
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Generally Accepted Accounting Principles (GAAP) are a set of rules, standards, and procedures that companies must follow when compiling their financial statements, ensuring consistency and comparability across industries and time periods.

Generally Accepted Accounting Principles Are the Procedures and Guidelines That