GAAP are the rules that govern accounting in the United States. The acronym GAAP in this statement refers to:
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, which are the set of rules and standards that guide financial accounting in the United States. Option A, B, and C are not correct because they do not accurately represent what GAAP stands for.

GAAP Are the Rules That Govern Accounting in the United