GAAP stands for generally accepted accounting principles, which are the set of guidelines, rules, and standards that companies use to prepare and present their financial statements. These principles are established by the Financial Accounting Standards Board (FASB) in the United States and are widely adopted in other countries as well.

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GAAP Stands For

Question 19

Multiple Choice

GAAP stands for:

A) government approved accounting policy.
B) generally accepted accounting principles.
C) generally accepted accounting practices.
D) general auditing and accountancy practices.

Correct Answer: