Generally Accepted Accounting Principles (GAAP)are best defined as:
A)Standards or methods for presenting financial accounting information.
B)Government-mandated rules that companies must follow.
C)Rules that best estimate profitability for a company.

Question

Quizplus · Accepted Answer

GAAP are a set of standards and principles that guide financial accounting and reporting in order to provide consistency and comparability in financial statements. They are not mandated by the government, although they may be required by certain regulatory bodies. GAAP aim to provide an accurate representation of a company's financial position, results of operations, and cash flows.

Generally Accepted Accounting Principles (GAAP)are Best Defined As