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 GAAP’s are: 
  • a)
    Generally Accepted Accounting Policies 
  • b)
    Generally Accepted Accounting Principles 
  • c)
    Generally Accepted Accounting provisions
  • d)
    None of these 
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
GAAP’s are:a)Generally Accepted Accounting Policiesb)Generally A...
GAAP stands for Generally Accepted Accounting Principles. It is a set of accounting rules, standards, and procedures that are widely accepted and followed in the United States. GAAP provides guidelines for financial reporting and ensures that financial statements are accurate, consistent, and comparable across different organizations. These principles are established by the Financial Accounting Standards Board (FASB) and are mandatory for publicly traded companies in the U.S. GAAP also helps investors, creditors, and other stakeholders in making informed decisions based on reliable financial information.
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GAAP’s are:a)Generally Accepted Accounting Policiesb)Generally Accepted Accounting Principlesc)Generally Accepted Accounting provisionsd)None of theseCorrect answer is option 'B'. Can you explain this answer?
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