GAAP established a universal chart of accounts that is applicable to all businesses in Canada.

Question

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GAAP (Generally Accepted Accounting Principles) is a set of accounting standards and guidelines that provides a framework for financial reporting in Canada, but it does not establish a universal chart of accounts applicable to all businesses. The chart of accounts is typically developed and customized by individual businesses to reflect their specific financial transactions and reporting needs.

GAAP Established a Universal Chart of Accounts That Is Applicable