GAAP is an abbreviation for:
A) Generally authorized accounting procedures.
B) Generally applied accounting procedures.
C) Generally accepted auditing practices.
D) Generally accepted accounting principles.

Question

Quizplus · Accepted Answer

GAAP stands for Generally Accepted Accounting Principles, which are a set of accounting standards and guidelines that companies must follow when preparing financial statements. These principles ensure consistency and transparency in financial reporting across different organizations.

GAAP Is an Abbreviation For