The initials GAAP stand for

Question

Quizplus · Accepted Answer

GAAP stands for Generally Accepted Accounting Principles, which are a set of guidelines and best practices for financial accounting and reporting. These principles ensure consistency and accuracy in financial reporting across industries and businesses. Option A, General Accounting Administration Practices, and Option B, Generally Applied Accounting Procedures, are not correct acronyms for GAAP. Option D, Generally Accepted Accounting Practices, is similar to Option C but not the commonly accepted acronym for GAAP.

The Initials GAAP Stand for