GAAP allows companies to properly record the transactions that affect financial statements.

Name: GAAP allows companies to properly record the transactions that affect financial statements.
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Question

Quizplus · Accepted Answer

GAAP (Generally Accepted Accounting Principles) provides a framework and set of rules for financial accounting that companies follow to ensure their financial statements are accurate and consistent, thereby allowing proper recording of transactions.

GAAP Allows Companies to Properly Record the Transactions That Affect