A set of _________ governs the accounting profession.

Name: A set of _________ governs the accounting profession.
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Question

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Generally Accepted Accounting Principles (GAAP) govern the accounting profession in the United States. These principles provide a standard set of guidelines and standards for financial reporting that must be followed by companies and other organizations. While there are other accounting principles used in different parts of the world, GAAP is the primary set used in the US.

A Set of _________ Governs the Accounting Profession