In preparing financial statements,accountants adhere to a uniform set of rules called government-approved accounting principles (GAAP).

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Accountants adhere to a uniform set of rules called Generally Accepted Accounting Principles (GAAP), which are not directly government-approved but are established by independent standard-setting bodies like the Financial Accounting Standards Board (FASB) in the United States.

In Preparing Financial Statements,accountants Adhere to a Uniform Set of Rules