The letters GAAP stand for:

Question

Quizplus · Accepted Answer

GAAP stands for Generally Accepted Accounting Principles, which are a set of guidelines and standards used in the accounting industry to ensure consistency and accuracy in financial reporting. These principles include things like the matching principle, which requires expenses to be matched with the revenues they helped to generate, and the principle of conservatism, which requires accountants to be cautious in their estimates and to err on the side of understating rather than overstating financial results.

The Letters GAAP Stand For