Accountants often refer to GAAP.What do the letters GAAP represent in accounting?
A) Globally accepted and accurate policies
B) Global accommodation accounting principles
C) Generally accredited accounting policies
D) Generally accepted accounting principles

Question

Quizplus · Accepted Answer

GAAP stands for Generally Accepted Accounting Principles. It refers to a set of guidelines and standards used in financial reporting that are universally accepted and recognized by the accounting profession. These principles help ensure consistency and transparency in financial reporting for companies and organizations.

Accountants Often Refer to GAAP