The term "GAASs" stands for "generally accepted accounting standards."

Name: The term "GAASs" stands for "generally accepted accounting standards."
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The correct term is "generally accepted accounting principles" (GAAPs), not "generally accepted accounting standards" (GAASs). GAAPs are a set of guidelines and rules recognized by the accounting industry for preparing financial statements. GAASs refer to standards and guidelines for conducting audits of financial statements.

The Term "GAASs" Stands for "Generally Accepted Accounting Standards